Capital Market Imperfections, International Credit Markets, and Nonconvergence

Azariadis, 1992 Bernanke, 1989, Agency costs, net worth, and business fluctuations, Amer. Econ. Rev., 79, 14 Bhatt, 1988, On financial innovation and credit market evolution, World Devel., 16, 281, 10.1016/0305-750X(88)90142-8 Boyd, 1994, The welfare costs of absolute priority: Stochastic versus nonstochastic monitoring in a costly state verification environment, J. Bus., 10.1086/296646 J. H. Boyd, B. D. Smith, 1994b, The use of debt and equity in optimal financial contracts, Federal Reserve Bank of Minneapolis J. H. Boyd, B. D. Smith, 1994c, The evolution of debt and equity markets in economic development, Federal Reserve Bank of Minneapolis Calvo, 1993, Capital inflows and the real exchange rate appreciation in Latin America: The role of external factors, IMF Staff Pap., 40, 108, 10.2307/3867379 Chandavarkar, 1971, Some aspects of interest rate policies in less-developed economies: The experience of selected Asian countries, IMF Staff Pap., 18, 48, 10.2307/3866375 P. Chuhan, S. Claessens, N. Mamingi, 1993, Equity and bond flows to Latin America and Asia: The role of global and country factors, World Bank Claessens, 1995, Portfolio capital flows: Hot or cold?, World Bank Econ. Rev., 9, 153, 10.1093/wber/9.1.153 Cunningham, 1992, Some evidence on the real-bills doctrine versus the quantity theory, Econ. Inquiry, 30, 371, 10.1111/j.1465-7295.1992.tb01664.x Devaney, 1989 Diamond, 1965, National debt in a neoclassical growth model, Amer. Econ. Rev., 55, 1126 Diaz-Alejandro, 1985, Good-bye financial repression, hello financial crash, J. Devel. Econ., 19, 1, 10.1016/0304-3878(85)90036-7 E. Fernandez-Arias, 1994, The new wave of private capital flows: Push or pull?, World Bank Gale, 1985, Incentive-compatible debt contracts: The one-period problem, Rev. Econ. Stud., 52, 647, 10.2307/2297737 Gertler, 1990, North-South lending and endogenous domestic capital market inefficiencies, J. Monet. Econ., 26, 245, 10.1016/0304-3932(90)90022-V Greenwood, 1990, Financial development, growth, and the distribution of income, J. Polit. Econ., 98, 1076, 10.1086/261720 United Nations, 1992, Human Development Report 1992, Oxford Univ. Press, New York Jappelli, 1990, Who is credit constrained in the U.S. economy?, Quart. J. Econ., 105, 219, 10.2307/2937826 F. Jaramillo, F. Schiantarelli, A. Weiss, 1992, The effect of financial liberalization on the allocation of credit: Panel data evidence for Ecuador, World Bank Khatkate, 1982, National and international aspects of financial policy in LDCs: A prologue, World Devel., 10, 689, 10.1016/0305-750X(82)90022-5 Khatkate, 1982, Anatomy of financial retardation in a less developed country: The case of Sri Lanka, 1951–1976, World Devel., 10, 829, 10.1016/0305-750X(82)90033-X C. H. Ma, B. D. Smith, Credit market imperfections and economic development: Theory and evidence, J. Devel. Econ. McKinnon, 1973 Parente, 1993, Changes in the wealth of nations, Federal Reserve Bank of Minneapolis Quart. Rev., 17, 3 A. Singh, J. Hamid, 1993, Corporate financial structures in developing countries, World Bank Smith, 1989, Credit rationing and government loan programs: A welfare analysis, Amer. Real Estate Urban Econ. Assoc. J., 17, 177, 10.1111/1540-6229.00483 Townsend, 1979, Optimal contracts and competitive markets with costly state verification, J. Econ. Theory, 21, 265, 10.1016/0022-0531(79)90031-0 Tybout, 1983, Credit rationing and investment behavior in a developing country, Rev. Econ. Stat., 65, 598, 10.2307/1935928 Williamson, 1986, Costly monitoring, financial intermediation, and equilibrium credit rationing, J. Monet. Econ., 18, 159, 10.1016/0304-3932(86)90074-7 1989