By Alberto Giovannini
This quantity from the Centre for fiscal coverage learn provides the most recent theoretical and empirical study by way of top specialists at the courting among monetary industry constitution and monetary development in constructed and constructing nations. the problems mentioned are of key significance to the way forward for monetary integration in Western Europe, the present fiscal transformation of japanese Europe, and the way forward for lending to high-debt constructing nations.
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Extra info for Finance and Development: Issues and Experience
Still, the result is similar. Proposition 2. A pair of contracts is a Nash equilibrium if and only if (a) the contracts are bilaterally Pareto-efficient; (b) the firm's profit is determined by the contract that would give the less efficient bank a zero profit (we assume that if the firm is indifferent between the two contracts, it is financed by the more efficient bank). Proof: the first point is immediate: no bank would offer a contract which is not bilaterally Pareto-efficient. To see that the above conditions are sufficient for a Nash equilibrium note that no bank finds that its best 38 Oren Sussman response is to undercut its competitor (meaning changing both x and k to make the contract more profitable to the firm): the less efficient bank would not be able to recover costs, the more efficient gets the deal anyway and has no incentive to offer a contract which yields a lower profit.
A pair of contracts is a Nash equilibrium if and only if (a) the contracts are bilaterally Pareto-efficient; (b) the firm's profit is determined by the contract that would give the less efficient bank a zero profit (we assume that if the firm is indifferent between the two contracts, it is financed by the more efficient bank). Proof: the first point is immediate: no bank would offer a contract which is not bilaterally Pareto-efficient. To see that the above conditions are sufficient for a Nash equilibrium note that no bank finds that its best 38 Oren Sussman response is to undercut its competitor (meaning changing both x and k to make the contract more profitable to the firm): the less efficient bank would not be able to recover costs, the more efficient gets the deal anyway and has no incentive to offer a contract which yields a lower profit.
It should be pointed out however that our analysis goes only half way to a complete analysis of growth with imperfect capital markets: we show how changes in capital stock affect the structure and conduct of financial markets. e. capital dynamics) is left to future work. The paper is organized as follows: Section 2 analyses the bench-mark case of perfect competition with balanced growth; Sections 3 and 4 extend the analysis to the case of monopolistic competition; Section 5 performs the aggregation and Section 6 the empirical analysis.