Capital Market Imperfection and Economic Growth
Masako Oyama,
昌子 大山 and
マサコ オオヤマ
No 105, Discussion Paper from Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University
Abstract:
This paper explains adverse international capital flows and economic growth using a model with asymmetric information in the capital market. The capital markets in developing countries are found to suffer more severely from asymmetric information than those in developed ones, which results in a lower rate of return on investment and severer credit rationing. Thus, capital flows from developing to developed countries, lowering the growth rate of the developing countries.
Keywords: economic growth; capital flows; asymmetric information; credit rationing; development (search for similar items in EconPapers)
JEL-codes: E44 F21 F43 O16 O40 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2002-08
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Persistent link: https://EconPapers.repec.org/RePEc:hit:piedp1:105
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