The evolution of debt and equity markets in economic development

被引：171

作者：

Boyd, JH

Smith, BD ^{[1
]}

机构：

[1] Univ Texas, Dept Econ, Austin, TX 78712 USA

[2] Univ Minnesota, Dept Finance, Minneapolis, MN 55455 USA

[3] Fed Reserve Bank Minneapolis, Dept Res, Minneapolis, MN 55480 USA

来源：

ECONOMIC THEORY | 1998年 / 12卷 / 03期

关键词：

finance; growth; development;

D O I：

10.1007/s001990050234

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

As noted by Gurley and Shaw, there is a typical pattern of economic development in which the evolution of the financial system is an essential aspect of the growth process. We focus on one component of this evolution: the increasing importance of equity markets as an economy grows. We develop a growth model where capital accumulation is financed externally through a combination of debt and equity. We illustrate why equity market activity might grow - often very rapidly - as an economy develops. We also illustrate why access to equity markets may not be needed in the early stages of economic development.

引用

页码：519 / 560

页数：42

共 32 条

[11] HOW GOOD ARE STANDARD DEBT CONTRACTS - STOCHASTIC VERSUS NONSTOCHASTIC MONITORING IN A COSTLY STATE VERIFICATION ENVIRONMENT [J].