Why International Equity Inflows to Emerging Markets are Inefficient and Small Relative to International Debt Flows
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This paper considers the financing of investment in the presence of asymmetric information between the 'insiders' and the 'outsiders' of the firms in a small open economy. It establishes a well-defined capital structure for the economy as a whole with the following features: low-productivity firms
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美国国家经济研究局创建时间：
2001-12-01
