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dc.contributor.authorCapasso, Salvatoreen
dc.contributor.authorMavrotas, Georgeen
dc.date.accessioned2011-12-14T09:51:20Z-
dc.date.available2011-12-14T09:51:20Z-
dc.date.issued2003-
dc.identifier.urihttp://hdl.handle.net/10419/53095-
dc.description.abstractThe paper presents a model in which credit-constrained firms might delay the adoption of new and more productive technologies because of the very high external financing costs they face. Our point of departure is that the efficiency of the banking system can have a profound impact on real resource and investment allocation not only directly, by reducing the amount of resources channelled to the credit market, but also indirectly by affecting entrepreneurs’ investment decisions. Along these lines of reasoning we develop a model of information asymmetries in the credit market in which high costs of processing bank loan applications might obstruct investments in high-tech projects and favour, instead, low-return, self-financed investments in mature sectors. The result is that these kinds of costs have a negative impact on the average capital productivity and on the rate of economic growth. In specific circumstances, the combination of these.en
dc.language.isoengen
dc.publisher|aThe United Nations University World Institute for Development Economics Research (UNU-WIDER) |cHelsinkien
dc.relation.ispartofseries|aWIDER Discussion Paper |x2003/84en
dc.subject.jelE44en
dc.subject.jelO16en
dc.subject.ddc330en
dc.subject.keywordcredit marketen
dc.subject.keywordinformation asymmetriesen
dc.subject.keywordloan processing costsen
dc.subject.keywordfinancial developmenten
dc.subject.keywordeconomic growthen
dc.subject.stwKreditmarkten
dc.subject.stwAsymmetrische Informationen
dc.subject.stwWirtschaftswachstumen
dc.subject.stwVerschuldungsrestriktionen
dc.subject.stwInnovationsmanagementen
dc.titleLoan processing costs and information asymmetries: Implications for financial sector development and economic growth-
dc.typeWorking Paperen
dc.identifier.ppn379532565en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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