BANKS, GROWTH AND GEOGRAPHY

Raju Singh

No 127, UNCTAD Discussion Papers from United Nations Conference on Trade and Development

Abstract: This paper presents a general equilibrium endogenous growth model, in which financial intermediaries evaluate the quality of projects, mobilize savings to finance the most promising ones and diversify risk. Information technology available to banks is linked to geographic proximity. This evaluation capacity increases the proportion of high-return projects being financed, and thereby accelerates economic growth. This positive effect does not depend on the degree of individuals´ risk aversion.

Date: 1997
New Economics Papers: this item is included in nep-mfd
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