The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
The evolution of debt and equity markets in economic development
Open accessAbstract
As noted by Gurley and Shaw, there is a typical pattern of economic development in which the evolution of the financial system is an essential aspect of the growth process. We focus on one component of this evolution: the increasing importance of equity markets as an economy grows. We develop a growth model where capital accumulation is financed externally through a combination of debt and equity. We illustrate why equity market activity might grow – often very rapidly – as an economy develops. We also illustrate why access to equity markets may not be needed in the early stages of economic development.
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Citations
Cites
Financial intermediation and delegated monitoring
Diamond, D. W. (1984) · The Review of Economic Studies · doi:10.2307/2297430 · Cited by 8,476
Agency Costs, Net Worth, And Business Fluctuations
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Financial Intermediary-Coalitions
Boyd, J. H., & Prescott, E. C. (1985) · doi:10.21034/sr.87 · Cited by 1,440
Self-citationStock Markets, Growth, and Tax Policy
LEVINE, R. (1991) · The Journal of Finance · doi:10.2307/2328866 · Cited by 1,111
Cited by
Chapter 12 Finance and Growth: Theory and Evidence
Levine, R. (2005) · Handbook of Economic Growth · doi:10.1016/s1574-0684(05)01012-9 · Cited by 2,889
Stock markets, banks, and growth: Panel evidence
Beck, T., & Levine, R. (2004) · Journal of Banking & Finance · doi:10.1016/s0378-4266(02)00408-9 · Cited by 2,067
Equity markets and growth: Cross-country evidence on timing and outcomes, 1980–1995
Rousseau, P. L., & Wachtel, P. (2000) · Journal of Banking & Finance · doi:10.1016/s0378-4266(99)00123-5 · Cited by 772
Financial Structure and Economic Growth
(2001) · The MIT Press eBooks · doi:10.7551/mitpress/3001.001.0001 · Cited by 544
Non‐linear finance–growth nexus: A threshold with instrumental variable approach1
Huang, H., & Lin, S. (2009) · Economics of Transition · doi:10.1111/j.1468-0351.2009.00360.x · Cited by 148
Finance, Growth, and Inequality
Levine, R. (2021) · IMF Working Papers · doi:10.5089/9781513583365.001 · Cited by 62
Bibi, R., & Sumaira (2022) · Journal of Environmental Science and Economics · doi:10.56556/jescae.v1i1.1 · Cited by 30
“Nevertheless (Stiglitz, 1985) claims that bank based financial structure endorse more to growth than stock markets, while (Boyd & Smith, 1998) and (A. J. Levine, 1997); have opposing arguments to this.”
Background
Metadata
- Authors
- Boyd, J. H., & Smith, B. D.
- Venue
- Economic Theory
- Published
- 1998-10-16
- Volume
- 12
- Issue
- 3
- Pages
- 519-560
- ISSN
- 0938-2259 (ISSN-L)
- 1432-0479
- OpenAlex
- W2009127915
- Cited by
- 320
- References
- 4
- FWCI
- 11.43
- Type
- journal article
- Language
- en
- Open access
- gold
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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