Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/22174 
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dc.contributor.authorBose, Niloyen
dc.contributor.authorNeumann, Rebeccaen
dc.date.accessioned2009-01-29T14:53:47Z-
dc.date.available2009-01-29T14:53:47Z-
dc.date.issued2005-
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
dc.language.isoengen
dc.publisher|aUniversity of Göttingen, Center for European, Governance and Economic Development Research (cege) |cGöttingenen
dc.relation.ispartofseries|acege Discussion Papers |x47en
dc.subject.jelG00en
dc.subject.jelE50en
dc.subject.jelO16en
dc.subject.jelE44en
dc.subject.jelE13en
dc.subject.ddc330en
dc.subject.stwFinanzsektoren
dc.subject.stwEntwicklungen
dc.subject.stwFinanzierungen
dc.subject.stwOverlapping Generationsen
dc.subject.stwKapitalstrukturen
dc.subject.stwAnreizvertragen
dc.subject.stwAktienmarkten
dc.subject.stwTheorieen
dc.titleExplaining the Trend and the Diversity in the Evolution of the Stock Market-
dc.typeWorking Paperen
dc.identifier.ppn492020833en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cegedp:47en

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