search query: @author Smith, B. / total: 30
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| Author: | Boyd, J. Smith, B. |
| Title: | The evolution of debt and equity markets in economic development |
| Journal: | Economic Theory
1998 : VOL. 12:3, p. 519-560 |
| Index terms: | ECONOMIC THEORY DEBT STOCK MARKETS |
| Language: | eng |
| Abstract: | As noted by Gurley and Shaw, there is a typical pattern of economic development in which the evolution of the financial system is an essential aspect of the growth process. The authors focus on the component of this evolution: the increasing importance of equity markets as an economy grows. The authors develop a growth model where capital accumulation is financed externally through a combination of debt and equity. |
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