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Financing development : the role of information costs

Author: Jeremy Greenwood; J M Sanchez; Cheng Wang; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2007.
Series: Working paper series (National Bureau of Economic Research), no. 13104.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
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  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jeremy Greenwood; J M Sanchez; Cheng Wang; National Bureau of Economic Research.
OCLC Number: 131822921
Description: 1 online resource (1 volume).
Series Title: Working paper series (National Bureau of Economic Research), no. 13104.
Responsibility: Jeremy Greenwood, Juan M. Sanchez, Cheng Wang.

Abstract:

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.

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