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The aim of this paper is to construct theoretical models which help to shed light on the recent criticisms of volatile investment flows. We do not make any empirical attempt to establish the existence or gauge the importance of the adverse effects of volatile investment flows nor do we make any...
Persistent link: https://www.econbiz.de/10005661544
This paper analyses the interaction between capital accumulation, technological progress and financial development. Growth is sustained by the development of new varieties of intermediate goods. Innovation is risky and the probability of success depends on entrepreneurs' actions, which can only...
Persistent link: https://www.econbiz.de/10005114230
financial holdings and benefits less from the uncertainty and financial returns from stock markets. Our panel data evidence …
Persistent link: https://www.econbiz.de/10011084251
Does financial development result in capital being reallocated more rapidly to industries where it is most productive? We argue that if this was the case, financially developed countries should see faster growth in industries with investment opportunities due to global demand and productivity...
Persistent link: https://www.econbiz.de/10005504771
Dynastic management is the inter-generational transmission of control over assets that is typical of family-owned firms. It is pervasive around the world, but especially in developing countries. We argue that dynastic management is a potential source of inefficiency: if the heir to the family...
Persistent link: https://www.econbiz.de/10005136641
International industry data permits testing whether the industry-specific impact of cross-country differences in institutions or policies is consistent with economic theory. Empirical implementation requires specifying the industry characteristics that determine impact strength. Most of the...
Persistent link: https://www.econbiz.de/10008684683
Most conventional accounts of India’s recent economic performance associate the pick-up in economic growth with the …
Persistent link: https://www.econbiz.de/10005661925
Using state-level data from India over the period 1983 to 2005, this paper gauges the effect of financial deepening and …
Persistent link: https://www.econbiz.de/10011083926
substitute for other borrowing. We then apply this methodology to firms in India that became eligible for directed credit as a …
Persistent link: https://www.econbiz.de/10005662240
This paper reformulates the well known financial development conjecture (FDC) and supplies some new empirical evidence in its favour. The financial development conjecture, namely, that there exist strong feedback effects between real and financial development, is described in this paper by use...
Persistent link: https://www.econbiz.de/10005498084