Business Finance in Less Developed Capital Markets

By Klaus P. Fischer; George J. Papaioannou | Go to book overview
3.
Contrariwise, arguments in favor of the parallel promotion of direct and indirect financial markets can be found in Drake ( 1976), Cho ( 1986), and Papaioannou ( 1986). Calamanti ( 1983) has also contributed to this debate, but she sides with the early view in favor of credit intermediation.
4.
Kitchen's chapter is appropriately the first, since he led the way in the development of the field with his book Finance for the Developing Countries ( 1986).
5.
See also the chapter by Asikoglu, Kutay, and Ertuna in this volume. In their analysis of the Turkish mutual funds, they also find that most bank-managed funds outperformed the Istanbul Stock Exchange Index.

REFERENCES

Calamanti Andrea. ( 1983). The Securities Markets and Underdevelopment: The Stock Exchange in the Ivory Coast, Morocco, Tunisia. Milan: Finafrica.

Cho Yoon Je. ( 1986). "Inefficiencies from Financial Liberalization in the Absence of Well-functioning Equity Markets." Journal of Money, Credit, and Banking 18, no. 2 (May): 191-199.

Drake P. J. ( 1976). "Securities Markets in Less-developed Countries." In Finance in Developing Countries, ed. P. C. I. Ayre. London: Frank Cass and Co.

Fry Maxwell J. ( 1987). "Neo-Classical and Neo-Structuralist Models of Financial Development: Theories and Evidence." Greek Economic Review 9, no. 1:1-37.

Goldsmith Raymond W. ( 1969). Financial Structure and Development. New Haven, Conn., and London: Yale University Press.

Gurley John G., and Edward S. Shaw. ( 1955). "Financial Aspects of Economic Development." American Economic Review 45 (September): 515-538.

-----. ( 1960). Money in a Theory of Finance. Washington, D.C.: Brookings Institution.

-----. ( 1967). "Financial Structure and Economic Development." Economic Development and Cultural Change 15 (April): 257-268.

Kitchen Richard L. ( 1986). Finance for the Developing Countries. New York: John Wiley and Sons.

McKinnon Ronald I. ( 1973). Money and Capital in Economic Development. Washington, D.C.: Brookings Institution.

-----, ed. ( 1976). Money and Finance in Economic Growth and Development: Essays in Honor of Edward S. Shaw. New York and Basel: Marcel Dekker.

-----. ( 1989). "Financial Liberalization and Economic Development: A Reassessment of Interest-Rate Policies in Asia and Latin America." Greek Economic Review 11, no. 1.

Modigliani, Franco, and Merton H. Miller. ( 1958). "The Cost of Capital, Corporation Finance, and the Theory of Investment." American Economic Review 48 (June): 261-297.

Papaioannou George J. ( 1986). The Development of Direct Financing in Greece (in Greek). Athens: Centre of Planning and Economic Research (KEPE).

Patrick Hugh. ( 1966). "Financial Development and Economic Growth in Underdeveloped Countries." Economic Development and Cultural Change 14, no. 2 (January): 174-189.

Shaw Edward S. ( 1973). Financial Deepening in Economic Development. New York: Oxford University Press.

-11-

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