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Capital market imperfections before and after financial liberalization : An Euler equation approach to panel data for Ecuadorian firms

Jaramillo B., Fidel - In: Journal of development economics 51 (1996) 2, pp. 367-386

This paper analyzes the role of capital market imperfections for investment decisions, and investigates whether the financial reforms introduced in the 1980s have succeeded in relaxing financial constraints. The estimated equations do not provide evidence that financial reform in Ecuador has...

Persistent link: https://www.econbiz.de/10001211899