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| Author: | Blackburn, K. Hung, V. T. Y. |
| Title: | A theory of growth, financial development and trade |
| Journal: | Economica
1998 : FEB, VOL. 65:257 |
| Index terms: | THEORIES GROWTH FINANCE DEVELOPMENT TRADE |
| Freeterms: | FINANCIAL DEVELOPMENT |
| Language: | eng |
| Abstract: | This study presents an analysis of the joint determination of real and financial development. Privately informed designers obtain external finance for their research projects through incentive-compatible loan contracts, which are enforced through costly monitoring activity. The analysis establishes a positive two-way causal relationship between growth and financial development. |
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