The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
The Coevolution of the Real and Financial Sectors in the Growth Process
Open accessAbstract
The role of debt and equity changes over time and with the level of development. What are these changes, and why should they systematically occur across different countries and time periods? This article characterizes financial innovation as a dynamic process that both influences and is influenced by the development of the real sector. It focuses on the emergence and development of equity markets, using a model that allows for growth and for capital accumulation that is financed externally through a combination of debt and equity. As an economy develops, the aggregate ratio of debt to equity will generally fall; yet, debt and equity remain complementary sources for the financing of capital investments. The results suggest how various government policy actions might affect capital accumulation and equity market activity.
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Cites
Financial intermediation and delegated monitoring
Diamond, D. W. (1984) · The Review of Economic Studies · doi:10.2307/2297430 · Cited by 8,476
Optimal contracts and competitive markets with costly state verification
Townsend, R. M. (1979) · Journal of Economic Theory · doi:10.1016/0022-0531(79)90031-0 · Cited by 3,204
Stock Markets, Growth, and Tax Policy
LEVINE, R. (1991) · The Journal of Finance · doi:10.2307/2328866 · Cited by 1,111
Cited by
Financial Development and Economic Growth: Views and Agenda
Levine, R. (1999) · Policy Research Working Papers · doi:10.1596/1813-9450-1678 · Cited by 2,977
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 Economic Growth
Levine, R., & Zervos, S. (1999) · Policy Research Working Papers · doi:10.1596/1813-9450-1690 · Cited by 2,881
Financial Development and Economic Growth: The Role of Stock Markets
Arestis, P., Demetriades, P. O., & Luintel, K. B. (2001) · Journal of Money, Credit and Banking · doi:10.2307/2673870 · Cited by 1,110
Determinants of Commercial Bank Interest Margins and Profitability: Some International Evidence
Demirgüç-Kunt, A., & Huizinga, H. (1999) · Policy Research Working Papers · doi:10.1596/1813-9450-1900 · Cited by 573
Metadata
- Authors
- Boyd, J., & Smith, B.
- Venue
- The World Bank Economic Review
- Publisher
- Oxford University Press (OUP)
- Published
- 1996-05-01
- Volume
- 10
- Issue
- 2
- Pages
- 371-396
- ISSN
- 0258-6770 (ISSN-L)
- 1564-698X
- OpenAlex
- W2109289095
- Cited by
- 198
- References
- 3
- FWCI
- 15.71
- Type
- journal article
- Language
- en
- Open access
- gold
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- Boyd, J., & Smith, B. (1996). The Coevolution of the Real and Financial Sectors in the Growth Process. The World Bank Economic Review. https://doi.org/10.1093/wber/10.2.371
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
