EconPapers    
Economics at your fingertips  
 

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
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/14427/pie_dp105.pdf

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hit:piedp1:105

Access Statistics for this paper

More papers in Discussion Paper from Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University Contact information at EDIRC.
Bibliographic data for series maintained by Digital Resources Section, Hitotsubashi University Library ().

 
Page updated 2025-03-19
Handle: RePEc:hit:piedp1:105