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Information technology, venture capital and the stock market

  • Singh, Ajit
  • Singh, Alaka
  • Wiesse, Bruce

Abstract This paper investigates the relationship between information technology and the capital markets. The central analytical and policy question addressed here is what kind of financial system or capital market arrangements are most conducive to fostering information technology and its use in the economy. This question is closely related to an old debate about the relative virtues of the Anglo-Saxon financial system based on stock markets, and the German/Japanese bank-based financial model. Which system should developing countries attempt to emulate to foster their economic growth and technological development? This debate has recently taken a fresh turn with the apparent emergence of the “New Economy” in the U.S. The U.S. has not only experienced fast growth of ICT industries but there has also evidently been widespread successful adoption of ICT technology in many areas of the economy. It is suggested that a major reason for the U.S. lead in this area, and the apparent European and Japanese lag, has been the very important enabling and stimulating role of the stock market.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 53718.

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Date of creation: 11 Oct 2000
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Handle: RePEc:pra:mprapa:53718
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  1. Shleifer, Andrei, 2000. "Inefficient Markets: An Introduction to Behavioral Finance," OUP Catalogue, Oxford University Press, number 9780198292272.
  2. Singh, Ajit, 1994. "Corporate financial patterns in industrialising economies: a comparative international study," MPRA Paper 54936, University Library of Munich, Germany.
  3. Singh, Ajit, 1998. "Should Africa Promote Stock Market Capitalism?," MPRA Paper 51846, University Library of Munich, Germany.
  4. Singh, Ajit, 1997. "Savings, investment and the corporation in the East Asian miracle," MPRA Paper 53884, University Library of Munich, Germany.
  5. Robert J. Gordon, 2000. "Does the "New Economy" Measure Up to the Great Inventions of the Past?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 49-74, Fall.
  6. Black, Bernard S. & Gilson, Ronald J., 1998. "Venture capital and the structure of capital markets: banks versus stock markets," Journal of Financial Economics, Elsevier, vol. 47(3), pages 243-277, March.
  7. Philippe Desbrières & Sophie Manigart & Koen De Waele & Mike Wright & Ken Robbie & Harry Sapienza & Amy Beekman, 1999. "Venture capitalists, investment appraisal and accounting information: a comparative study of the US, UK, France, Belgium and Holland," Working Papers CREGO 0991102, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  8. Singh, A. & Dhumale, R., 2000. "Globalization, Technology, and Income Inequality: A Critical Analysis," Research Paper 210, World Institute for Development Economics Research.
  9. Franklin Allen, . "Stock Markets and Resource Allocation (Reprint 036)," Rodney L. White Center for Financial Research Working Papers 15-92, Wharton School Rodney L. White Center for Financial Research.
  10. Hicks, J. R., 1969. "A Theory of Economic History," OUP Catalogue, Oxford University Press, number 9780198811633.
  11. Dale W. Jorgenson & Kevin J. Stiroh, 2000. "Raising the Speed Limit: US Economic Growth in the Information Age," OECD Economics Department Working Papers 261, OECD Publishing.
  12. Singh, A., 1991. "Corporate Takeovers: A Review," Cambridge Working Papers in Economics 9206, Faculty of Economics, University of Cambridge.
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