In an economy where decisions are decentralized and made under conditions of uncertainty, the financial system can be seen as the complex of institutions, infrastructure, and instruments that society adopts to minimize the costs of trading promises when agents have incomplete trust and limited information. Building on a microeconomic general equilibrium model that portrays such fundamental financial functions, the author shows that, in line with recent...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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1999/10/31
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Рабочий документ в рамках исследования вопросов политики
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WPS2201
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1
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1
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2010/07/01
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Financial development and industrial capital accumulation
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financial infrastructure
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