The democratization of America's capital markets
In this article, John Duca shows how financial innovations have benefited the United States by increasing the availability of financing for new firms and improving Americans' access to financial investments. Two dramatic examples are the explosive growth of venture capital financing and the doubling of stock ownership rates since the early 1980s. This democratization of America's capital markets stems from technological improvements that have cut the transaction and information costs of investing and from a series of deregulatory steps aimed at improving the availability of capital.
Volume (Year): (2001)
Issue (Month): Q II ()
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- Heaton, John & Lucas, Deborah, 2000. "Portfolio Choice in the Presence of Background Risk," Economic Journal, Royal Economic Society, vol. 110(460), pages 1-26, January.
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