The author analyzes the financial system's role in economic growth and stability, addressing several core policy issues associated with financial sector reform in emerging economies. He studies finance's role in the context of a circuit model, with interacting rational, forward-looking, heterogeneous agents. He shows finance to essentially complement the price system in coordinating decentralized intertemporal resource allocation choices made by agents...
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INFORMATION
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1998/12/31
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Document de travail de recherche sur les politiques
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WPS2026
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1
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1
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2010/07/01
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Circuit theory of finance and the role of incentives in financial sector reform
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credit need