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How does technological progress in financial intermediation affect the economy? To address this question a costly-state verification framework is embedded into a standard growth model. In particular, financial intermediaries can invest resources to monitor the returns earned by firms. The...
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How does technological progress in financial intermediation affect the economy? To address this questiona costly-state verification framework is embedded into a standard growth model. In particular, financialintermediaries can invest resources to monitor the returns earned by firms. The...
Persistent link: https://www.econbiz.de/10009360815
To address how technological progress in financial intermediation affects the economy, a costly-state verification framework is embedded into the standard growth model. The framework has two novel features. First, firms differ in the risk/return combinations that they offer. Second, the efficacy...
Persistent link: https://www.econbiz.de/10013096659
How does technological progress in financial intermediation affect the economy? To address this question a costly-state verification framework is embedded into a standard growth model. In particular, financial intermediaries can invest resources to monitor the returns earned by firms. The...
Persistent link: https://www.econbiz.de/10012760093