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the world than many developing countries. A noteworthy feature of this theory is that financial and property rights …
Persistent link: https://www.econbiz.de/10012465505
We propose a theory of endogenous composition of capital flows that highlights two asymmetries between international equity and debt financing. In our model, poor institutional quality leads to an inefficiently low share of equity financing as well as an inefficiently high volume of total...
Persistent link: https://www.econbiz.de/10012481712
The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels with a variety of apparently conflicting results. We attempt to provide a unified conceptual framework for organizing this vast and growing...
Persistent link: https://www.econbiz.de/10012466181