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Financial Markets and Economic Growth

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  • Merton H. Miller

Abstract

The current economic problems in Southeast Asia can be attributed not to too "much" reliance on financial markets, but to too "little". Like the U.S. economy a century ago, the emerging Asian economies do not have welldeveloped capital markets and so remain heavily dependent on their banking systems to finance growth. 1998 Morgan Stanley.

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  • Merton H. Miller, 1998. "Financial Markets and Economic Growth," Journal of Applied Corporate Finance, Morgan Stanley, vol. 11(3), pages 8-15.
  • Handle: RePEc:bla:jacrfn:v:11:y:1998:i:3:p:8-15
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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1745-6622.1998.tb00498.x
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