| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1262 |
| DP1262 Asset Pricing Models with and without Consumption: An Empirical Evaluation | |
| Gikas Hardouvelis; Dongcheol Kim | |
| 发表日期 | 1995-11-30 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | This paper analyses the interaction between capital accumulation, technological progress and financial development. Growth is sustained by the development of new varieties of intermediate goods. Innovation is risky and the probability of success depends on entrepreneurs' actions, which can only be imperfectly observed by outsiders through the use of a costly monitoring technology. Financial intermediaries emerge to avoid the duplication of monitoring activities and negotiate incentive contracts with innovators. Monitoring intensity is determined endogenously as a function of factor prices and determines the risk premium required by risk-averse researchers. Natural forward and backward links arise between finance and innovation. By allowing for better risk sharing, closer monitoring yields a higher level of innovative activity in equilibrium and faster growth. Under plausible assumptions, the resulting changes in factor prices lower the relative cost of monitoring, leading to a further increase in the efficiency of the financial sector. |
| 主题 | International Macroeconomics |
| 关键词 | Financial development Growth |
| URL | https://cepr.org/publications/dp1262 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530404 |
| 推荐引用方式 GB/T 7714 | Gikas Hardouvelis,Dongcheol Kim. DP1262 Asset Pricing Models with and without Consumption: An Empirical Evaluation. 1995. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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