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Investment and financial restraints: Theory and evidence
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UNSPECIFIED (2000) Investment and financial restraints: Theory and evidence. In: European Meeting of the Econometric-Society, UPPSALA, SWEDEN, SEP, 1993. Published in: INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, 5 (4). pp. 285-296. ISSN 1076-9307.
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Abstract
This paper examines investment decisions in an economy with two financial markets: an official market, which is subject to rationing due to an interest rate ceiling, and an unrestricted market, with a higher interest rate. in this context, the long-run equilibrium aggregate capital stock is unambiguously higher than in the absence of the interest rate ceiling, even though its relationship with the ceiling is non-monotonic. Empirical results using aggregate panel data from 52 developing countries for the period 1974-1988 provide support for the model, particularly in economies that have some access to international capital markets. Copyright (C) 2000 John Wiley & Sons, Ltd.
Item Type: | Conference Item (UNSPECIFIED) | ||||
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Subjects: | H Social Sciences > HG Finance | ||||
Journal or Publication Title: | INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS | ||||
Publisher: | JOHN WILEY & SONS LTD | ||||
ISSN: | 1076-9307 | ||||
Official Date: | October 2000 | ||||
Dates: |
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Volume: | 5 | ||||
Number: | 4 | ||||
Number of Pages: | 12 | ||||
Page Range: | pp. 285-296 | ||||
Publication Status: | Published | ||||
Title of Event: | European Meeting of the Econometric-Society | ||||
Location of Event: | UPPSALA, SWEDEN | ||||
Date(s) of Event: | SEP, 1993 |
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