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dc.contributor.authorBose, Niloyen_US
dc.contributor.authorNeumann, Rebeccaen_US
dc.date.accessioned2009-01-29T14:53:47Z-
dc.date.available2009-01-29T14:53:47Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/22174-
dc.description.abstractIn an overlapping generations economy, lenders fund risky investment projects of firms by drawing up loan contracts in the presence of an informational asymmetry. An optimal contract entails the issue of only debt, only equity, or a mix of the two. The equilibrium choice of contract depends on the state of the economy, which in turn depends on the contracting regime. Based on this analysis, the paper provides a theory of the joint determination of real and financial development. The paper is able to explain both the endogenous emergence of the stock market along the path of economic development and the diversity in the mode of financing that is commonly observed in the intermediate stage of development.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesCeGE discussion paper 47en_US
dc.subject.jelG60en_US
dc.subject.jelE50en_US
dc.subject.jelO16en_US
dc.subject.jelE44en_US
dc.subject.jelE13en_US
dc.subject.ddc330en_US
dc.subject.stwFinanzsektoren_US
dc.subject.stwEntwicklungen_US
dc.subject.stwFinanzierungen_US
dc.subject.stwOverlapping Generationsen_US
dc.subject.stwKapitalstrukturen_US
dc.subject.stwAnreizvertragen_US
dc.subject.stwAktienmarkten_US
dc.subject.stwTheorieen_US
dc.titleExplaining the Trend and the Diversity in the Evolution of the Stock Marketen_US
dc.typeWorking Paperen_US
dc.identifier.ppn492020833en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:cegedp:47-
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