Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/22174
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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 firmsby drawing up loan contracts in the presence of an informational asymmetry. Anoptimal contract entails the issue of only debt, only equity, or a mix of the two. Theequilibrium choice of contract depends on the state of the economy, which in turndepends on the contracting regime. Based on this analysis, the paper provides a theoryof the joint determination of real and financial development. The paper is able toexplain both the endogenous emergence of the stock market along the path of economicdevelopment and the diversity in the mode of financing that is commonly observed inthe intermediate stage of development.en_US
dc.language.isoengen_US
dc.relation.ispartofseries|aCeGE discussion paper |x47en_US
dc.subject.jelG00en_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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