This paper examines the impact of financial market imperfections on long-term productivity growth. It focuses on failures in markets for the sale of equity securities and hence on the failure of markets which help firms diversify the risks of real investment. The paper examines separately...

This paper examines the impact of financial market imperfections on long-term productivity growth. It focuses on failures in markets for the sale of equity securities and hence on the failure of markets which help firms diversify the risks of real investment. The paper examines separately...

Die Ungleichheit in der Welt nimmt zu: Immer weniger Menschen häufen immer gröe︢ren Reichtum an, während die Zahl der Armen wächst und die Mittelschicht vom Abstieg bedroht ist. Doch diese Entwicklung, so zeigt Nobelpreisträger Joseph Stiglitz in seinem neuen Bestseller, ist keine...