| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13104 |
| 来源ID | Working Paper 13104 |
| Financing Development: The Role of Information Costs | |
| Jeremy Greenwood; Juan M. Sanchez; Cheng Wang | |
| 发表日期 | 2007-05-17 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | How does technological progress in financial intermediation affect the economy? To address this question a costly-state verification framework is embedded into a standard growth model. In particular, financial intermediaries can invest resources to monitor the returns earned by firms. The inability to monitor perfectly leads to firms earning rents. Undeserving firms are financed, while deserving ones are under funded. A more efficient monitoring technology squeezes the rents earned by firms. With technological advance in the financial sector, the economy moves continuously from a credit-rationing equilibrium to a perfectly efficient competitive equilibrium. A numerical example suggests that finance is important for growth. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Development and Growth ; Development ; Growth and Productivity |
| URL | https://www.nber.org/papers/w13104 |
| 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/570772 |
| 推荐引用方式 GB/T 7714 | Jeremy Greenwood,Juan M. Sanchez,Cheng Wang. Financing Development: The Role of Information Costs. 2007. |
| 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 | ||
| w13104.pdf（612KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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