scale, efficiency, and access. With rapid economic growth in Asia, a key challenge is to generate financial assets that can …

growth in a model with financial frictions and productivity heterogeneity. The paper first shows that in the range of capital … tax rates that attains a balanced growth path, taxation exerts inverted U-shaped effects on growth. The paper then … analytically derives and shows that the growth maximizing tax rate and the corresponding growth are increasing concave functions of …

for much of this growth. I show that corporate lending has essentially stalled relative to GDP since around 1980, which is …