Business Finance in Less Developed Capital Markets

By Klaus P. Fischer; George J. Papaioannou | Go to book overview
and van Agtmael ( 1984), Wai and Patrick ( 1973), Sakong ( 1977) and Ness ( 1974) for a survey and analysis of stock-market developments in developing countries.
3.
Here and though this chapter, the banking sector refers to both commercial and special banks, nonbank financial institutions, and foreign banks. The important point here is that both the cost and the supply of credit from this sector are directly or indirectly controlled by the monetary authorities.
4.
Even in circumstances where interest rates are free from administrative control, banks may ration credit as a rational response toward imperfect information and business risk. See, for instance, Hodgman ( 1960). Freimer and Gordon ( 1965), and Jaffee and Russell ( 1976) for an analysis of credit rationing along these lines.
5.
For example, von Fustenberg ( 1974) and Summers ( 1981) for empirical applications of the q theory of investment to the U.S. data and Poterba and Summers ( 1985) for an application to the British data.
6.
See Miller ( 1977) for a consideration of taxes, Scott ( 1976) for a consideration of bankruptcy costs, and Auerbach ( 1985) for an empirical investigation of corporate leverage in the United States.
7.
See, for instance, Taggart ( 1985) and Holland and Myers ( 1979).
8.
This figure is based on Wakasugi et al. ( 1984).
9.
This figure is based on Taggart ( 1985).
10.
See Sundararajan ( 1985) for a theoretical analysis of the macroeconomic effects of high corporate leverage in developing countries.

REFERENCES

Arthus P., P. A. Muet, P. Palinkas, and P. Pauly. ( 1985). "Tax Incentives, Monetary Policy, and Investment in France and Germany." In Stabilization Policy in France and the Federal Republic of Germany, ed. G. de Menil and U. Westphal, 105-180. Amsterdam: North-Holland.

Auerbach. A. J. ( 1985). "Real Determinants of Corporate Leverage." In Corporate Capital Structures in the United States, ed. B. M. Friedman, 301-322. Chicago and London: University of Chicago Press.

Baxter N. ( 1967). "Leverage, Risk of Ruin, and the Cost of Capital." Journal of Finance 22: 395-404.

Blejer M. I., and M. S. Khan. ( 1984). "Government Policy and Private Investment in Developing Countries." IMF Staff Papers 31: 374-403.

Ciccolo J., and G. Fromm ( 1979). "'Q' and the Theory of Investment." Journal of Finance 34: 535-547.

-----. ( 1980). "'Q,' Corporate Investment, and Balance Sheet Behavior." Journal of Money, Credit, and Banking 12: 294-307.

Fédération Internationale des Bourses de Valeurs. Activities and Statistics. Various issues. Paris, France.

Freimer M., and M. J. Gordon. ( 1965). "Why Bankers Ration Credit." Quarterly Journal of Economics, no. 79: 397-416.

Hayashi F. ( 1982). "Tobin's Marginal q and Average q: A Neoclassical Interpretation." Econometrica, January, 213-224.

Hite G. L. ( 1977). "Leverage, Output Effects, and the M-M Theorems." Journal of Financial Economics 13: 177-202.

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