Arnold, Lutz G. and Walz, Uwe (2000) Financial Regimes, Capital Structure, and Growth. European Journal of Political Economy 16, pp. 491-508.
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We develop a growth model with endogenous technological progress in which the previous termfinancialnext term sector plays an explicit role. This allows us to consider the role of different previous termfinancial regimesnext term in the growth process. We contrast a bank-dominated previous termfinancialnext term system with a market-dominated system. In the former a previous termfinancialnext term intermediary (a bank) is able to solve informational problems; at a cost, however. There is learning by doing (LBD) in the banking sector. We investigate circumstances under which each of the two previous termregimesnext term emerges. History matters and the emergence of the low-growth previous termregimenext term is feasible. In a second step, we allow an endogenous capital structure choice of firms and analyze the evolution of the previous termfinancialnext term system and capital structure over time.
|Institutions:||Business, Economics and Information Systems > Institut für Volkswirtschaftslehre und Ökonometrie > Lehrstuhl für Theoretische Volkswirtschaft (Prof. Dr. Lutz Arnold)|
|Research groups and research centres:||Immobilien- und Kapitalmärkte|
|Keywords:||Innovation; Growth; Financial regimes; Capital structure|
|Subjects:||300 Social sciences > 330 Economics|
|Refereed:||Yes, this version has been refereed|
|Created at the University of Regensburg:||Unknown|
|Deposited On:||24 Jun 2010 05:00|
|Last Modified:||23 Sep 2010 07:17|