G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1409
DP1409 The Determinants of UK Business Cycles
Andrew Scott
发表日期1996-06-30
出版年1996
语种英语
摘要We analyse an economy where production is subject to moral hazard. The degree of the incentive (agency) costs introduced by the presence of moral hazard naturally depends on the information structure in the economy; it is cheaper to induce correct incentives in a society which possesses better ex-post information. The degree of ex-post information depends on the number of projects and entrepreneurs in the economy; the more projects, the better the information. This implies that in the early stages of development, the range of projects and the amount of information are limited and agency costs are high. Since the information created by a project is an externality on others, the decentralized economy is constrained inefficient; in particular, it does not ?experiment? enough. The analysis of the role of information also opens the way to an investigation of the development of financial institutions. We contrast the information aggregation role of stock markets and information production role of banks. Because the amount of available information increases with development, our model predicts the pattern of financial development observed in practice; banks first and stock markets later.
主题International Macroeconomics
关键词Agency costs Development Financial institutions Information Social experimentation
URLhttps://cepr.org/publications/dp1409
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/530552
推荐引用方式
GB/T 7714
Andrew Scott. DP1409 The Determinants of UK Business Cycles. 1996.
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