| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4586 |
| DP4586 An Empirical Study of Liquidity and Information Effects of Order Flow on Exchange Rates | |
| Paolo Vitale; Francis Breedon | |
| 发表日期 | 2004-08-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We develop a model of endogenous lobby formation in which wealth inequality and political accountability undermine entry and financial development. Incumbents seek a low level of effective investor protection to prevent potential entrants from raising capital. They succeed because they can promise larger political contributions than the entrants due to the higher rents earned with less competition. Entry and investor protection improve when wealth distribution becomes less unequal, and the political system becomes more accountable. Consistent with these predictions, in a cross-section of 38 countries we find that greater accountability is associated with higher entry in sectors that are more dependent on external capital and have greater growth opportunities. Also, higher accountability and lower income inequality are associated with more effective legal enforcement, even after controlling for legal origin and per-capita income. |
| 主题 | Financial Economics |
| 关键词 | Politics Entry Financial development entrepreneurship Investor protection Income inequality Growth |
| URL | https://cepr.org/publications/dp4586 |
| 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/533503 |
| 推荐引用方式 GB/T 7714 | Paolo Vitale,Francis Breedon. DP4586 An Empirical Study of Liquidity and Information Effects of Order Flow on Exchange Rates. 2004. |
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