Financial Development and International Capital Flows
We develop a general equilibrium model with nancial frictions in which internal capital (equity capital) and external capital (bank loans) have di erent rates of return. Financial development raises the rate of return on external capital but has a non-monotonic e ect on the rate of return on interna...
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| Main Authors: | , |
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2007
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/soe_research/1025 https://ink.library.smu.edu.sg/context/soe_research/article/2024/viewcontent/FinDevCapFlow.pdf |
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| Institution: | Singapore Management University |
| Language: | English |