Financial Market Imperfections and Productivity Growth

Arbeitspapier

This paper examines the impact of financial market imperfections on long-term productivity growth. It focuses on failures in markets for the sale of equity securities and hence on the failure of markets which help firms diversify the risks of real investment. The paper examines separately situations in which productivity growth is driven by learning-by-doing and where it results from the cumulative impact of explicit investments in technology by firms. In general, a multiplicity of steady-state growth paths exists with different growth rates along each path. The particular path followed by any single economy (and hence the growth rate of that economy) will depend significantly on policy interventions which mitigate effects of financial markets.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: IUI Working Paper ; No. 206

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Production and Organizations: General ; General Financial Markets: General (includes Measurement and Data) ; Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
• Thema: Financial markets ; productivity growth ; market failure ; steady-state growth path

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Greenwald, Bruce C. ; Stiglitz, Joseph E.
• Ereignis: Veröffentlichung
• (wer): The Research Institute of Industrial Economics (IUI)
• (wo): Stockholm
• (wann): 1989

Weitere Informationen

• Handle: http://hdl.handle.net/10419/94923
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ