Savings Growth And Capital Markets Imperfections

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Savings Growth And Capital Markets Imperfections

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Author : Jose De Gregorio
language : en
Publisher: International Monetary Fund
Release Date : 1993-03

Savings Growth And Capital Markets Imperfections written by Jose De Gregorio and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-03 with Business & Economics categories.

This paper studies the effects that borrowing constraints have on savings and growth and argues that, though they increase savings, their effect on growth is ambiguous. Empirical evidence on the extent of borrowing constraints as well as savings, investment, human capital accumulation and growth performance for industrialized countries is presented. A simple model to show the effects of borrowing constraints on savings is developed. Then the model is extended to analyze the effects of borrowing constraints on human capital accumulation and growth. It is shown that borrowing constraints increase savings, but reduce human capital accumulation.

Savings Growth And Capital Markets Imperfections

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Author : Fondo Monetario Internacional
language : es
Publisher:
Release Date : 1993

Savings Growth And Capital Markets Imperfections written by Fondo Monetario Internacional and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with categories.

Saving Investment Behavior In Open Economies With Imperfect Financial Markets

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Author : Liang-Yn Liu
language : en
Publisher:
Release Date : 1990

Saving Investment Behavior In Open Economies With Imperfect Financial Markets written by Liang-Yn Liu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Balance of payments categories.

Capital Market Imperfections And Economic Development

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Author : Vinayak Vijayshanker Bhatt
language : en
Publisher:
Release Date : 1979

Capital Market Imperfections And Economic Development written by Vinayak Vijayshanker Bhatt and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Capital categories.

Equity Markets Transaction Costs And Capital Accumulation An Illustration

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Author : R. Valerie Bencivenga
language : en
Publisher:
Release Date : 1999

Equity Markets Transaction Costs And Capital Accumulation An Illustration written by R. Valerie Bencivenga and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.

May 1995 How does an economy's efficiency in financial transactions affect its efficiency in physical production? And how does the volume of financial transactions relate to the level of real activity? There is a close, if imperfect, relationship between the effectiveness of an economy's capital markets and its level (or rate of growth) of real development. This may be because financial markets provide liquidity, promote the sharing of information, or permit agents to specialize. There is literature about how these functions help increase real activity, but surprisingly little literature predicting how the volume of activity in financial markets relates to the level or efficiency of an economy's productive activity. Bencivenga, Smith, and Starr address this question: How does the efficiency of an economy's equity market -- as measured by transaction costs -- affect its efficiency in producing physical capital and, through this channel, final goods and services? The answer: As the efficiency of an economy's capital markets increases (that is, as the transaction costs fall), the general effect is to cause agents to make longer-term -- hence, more transaction-intensive -- investments. The result is a higher rate of return on savings and a change in its composition. These general equilibrium effects on the composition of savings cause agents to hold more of their wealth in the form of existing equity claims and to invest less in the initiation of new capital investments. As a result, a reduction in transaction costs can cause the capital stock either to rise or fall (under scenarios described in the paper). Further, a reduction in transaction costs will typically alter the composition of savings and investment, and any analysis of the consequences of such changes must take those effects into account. This paper -- a product of the Finance and Private Sector Development Division, Policy Research Department -- was prepared for a World Bank Conference on Stock Markets, Corporate Finance, and Economic Growth. The study was funded by the Bank's Research Support Budget under the research project Stock Market Development and Financial Intermediary Growth (RPO 679-53).

Saving Growth And Financial Market Imperfections In Transitional China

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Author : Liling Feng
language : en
Publisher:
Release Date : 2007

Saving Growth And Financial Market Imperfections In Transitional China written by Liling Feng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.

In the last several decades, China has been experiencing dramatic economic development and institutional transition. One notable feature in this period is its very high saving rate. Although it is controversial whether high saving rate is beneficial to the economy or not, a fact widely accepted is that the high saving rate has been playing an important role in shaping China's economy. But why do Chinese save so much? In this book, we try to analyze China's saving using the overlapping life cycle model, where the basic model is revised to better match China's reality. Two dominant facts are emphasized in our analysis, i.e., transitory high income growth and abnormal demography changes due to abnormal high birth rate. Besides, China, as a transitional economy, is also characterized by financial market imperfections such as liquidity constraints. This book should help answer the questions: - To what extent are Chinese consumers liquidity-constrained?- What are the reasons and welfare impacts of liquidity constraints? The book is addressed to industrial analysts from finance and investment. It is also directed towards researchers in economics and policy makers from governments.

The Development Of Local Capital Markets

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Author : Mr.Luc Laeven
language : en
Publisher: International Monetary Fund
Release Date : 2014-12-19

The Development Of Local Capital Markets written by Mr.Luc Laeven and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-19 with Business & Economics categories.

Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop local capital markets have had mixed success. This paper reviews the literature on the benefits and costs of developing local capital markets, and describes the challenges faced in the development of such markets. The paper concludes with a set of policy recommendations emerging from this literature.

Saving Growth And Financial Market Imperfections In Transitional China

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Author : 馮麗玲
language : en
Publisher:
Release Date : 2006

Saving Growth And Financial Market Imperfections In Transitional China written by 馮麗玲 and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Capital market categories.

Saving And The Accumulation Of Wealth

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Author : Albert Ando
language : en
Publisher: Cambridge University Press
Release Date : 2006-11-23

Saving And The Accumulation Of Wealth written by Albert Ando and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-11-23 with Business & Economics categories.

The evolution of private saving and its interaction with government fiscal policy play an important and complex role in the development of the national economy. To gain insight into this process, we must first understand the savings behavior of individual households and the ways in which they aggregate over the entire population to produce national saving. Italy provides an ideal laboratory in which to assess the impact of government and private transfer, imperfections in the capital markets, productivity growth and shifting demographic patterns on the saving behavior of individual households and on their aggregation into total private saving. The book draws on the Italian experience and data, and offers new findings on many aspects of the process of saving determination.

Inflation Capital Markets And Household Saving In Nordic Countries

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Author : Erkki Koskela
language : en
Publisher:
Release Date : 1992

Inflation Capital Markets And Household Saving In Nordic Countries written by Erkki Koskela and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with categories.