| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8659 |
| 来源ID | Working Paper 8659 |
| Why International Equity Inflows to Emerging Markets are Inefficient and Small Relative to International Debt Flows | |
| Assaf Razin; Efraim Sadka; Chi-Wa Yuen | |
| 发表日期 | 2001-12-13 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | This paper considers the financing of investment in the presence of asymmetric information between the 'insiders' and the 'outsiders' of the firms in a small open economy. It establishes a well-defined capital structure for the economy as a whole with the following features: low-productivity firms rely on the equity market to finance investment at a relatively low level; medium-productivity firms do not invest at all; and high-productivity firms rely on the debt market to finance investment at a relatively high level. It is shown that the debt market is efficient, with respect to both its scope and the amount of investment that each firm makes. However, the equity market fails: its scope is too narrow and the investment each firm makes is too little. A corrective policy requires just one instrument which is rather unconventional: lump-sum subsidies to those firms that choose to equity-finance their investment (i.e., equity-market-contingent grants). |
| 主题 | International Economics ; International Factor Mobility ; International Finance |
| URL | https://www.nber.org/papers/w8659 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566266 |
| 推荐引用方式 GB/T 7714 | Assaf Razin,Efraim Sadka,Chi-Wa Yuen. Why International Equity Inflows to Emerging Markets are Inefficient and Small Relative to International Debt Flows. 2001. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8659.pdf（508KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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