Pecking order models of international finance suggest that countries should become less reliant on international bank lending as they develop. Reduced information costs are one of the factors behind this trend towards disintermediation. This paper presents a simple model on the choice between...

The East Asian miracle was real. Prior to the 1997 economic and currency crises, Asian NICs Hong Kong, Korea, Singapore and Taiwan achieved remarkable annual GDP growth. In these countries the overall economic performance was significantly determined by the industrial development triggered by...