NORTH-SOUTH LENDING AND ENDOGENOUS DOMESTIC CAPITAL-MARKET INEFFICIENCIES

被引：114

作者：

GERTLER, M ^{[1
]}

ROGOFF, K ^{[1
]}

机构：

[1] UNIV CALIF BERKELEY,BERKELEY,CA 94720

来源：

JOURNAL OF MONETARY ECONOMICS | 1990年 / 26卷 / 02期

关键词：

D O I：

10.1016/0304-3932(90)90022-V

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We develop an open-economy model of intertemporal trade under asymmetric information. Capital market imperfections are endogenous and depend on a country's stage of economic development. Relative to the perfect-information benchmark, North-South capital flows are dampened (and possibly reversed) and world interest rates are lower. Whereas riskless rates are equalized across borders, the domestic loan rate is higher in poorer countries. The model can be applied to a number of policy issues including the debt-overhang problem, the indexation of foreign public debts, and the effect of income distribution on growth. © 1990.

引用

页码：245 / 266

页数：22

共 25 条

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[Anonymous], 1969, FINANCIAL STRUCTURE

[2]

ATKESON A, 1988, INT LENDING MORAL HA

[3]

BERNANKE B, 1989, AM ECON REV, V79, P14

[4] CLEANING UP THIRD-WORLD DEBT WITHOUT GETTING TAKEN TO THE CLEANERS [J].