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Capital Market Imperfection and Economic Growth

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  • Oyama, Masako
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    Abstract

    This paper explains adverse international capital flows and economic growth using a model with asymmetric information in the capital market. The capital markets in developing countries are found to suffer more severely from asymmetric information than those in developed ones, which results in a lower rate of return on investment and severer credit rationing. Thus, capital flows from developing to developed countries, lowering the growth rate of the developing countries.

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    File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/14427/1/pie_dp105.pdf
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    Bibliographic Info

    Paper provided by Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University in its series Discussion Paper with number 105.

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    Length: 27 p.
    Date of creation: Aug 2002
    Date of revision:
    Handle: RePEc:hit:piedp1:105

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    Related research

    Keywords: economic growth; capital flows; asymmetric information; credit rationing; development;

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    1. Xavier Sala-i-Martin, 1994. "Lecture notes on economic growth (I): Introduction to the literature and Neoclassical models," Economics Working Papers 77, Department of Economics and Business, Universitat Pompeu Fabra.
    2. Xavier Sala-i-Martin, 1990. "Lecture Notes on Economic Growth(II): Five Prototype Models of Endogenous Growth," NBER Working Papers 3564, National Bureau of Economic Research, Inc.
    3. von Thadden, Ernst-Ludwig, 1995. "Long-Term Contracts, Short-Term Investment and Monitoring," Review of Economic Studies, Wiley Blackwell, vol. 62(4), pages 557-75, October.
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