The Quality Effect : Does Financial Liberalization Improve the Allocation of Capital?

Does Financial Liberalization Improve the Allocation of Capital?

The Quality Effect : Does Financial Liberalization Improve the Allocation of Capital?
The study documents evidence of a "quality effect" of financial liberalization on allocative efficiency, which is measured by the dispersion in Tobin's Q across firms. Based on a simple model, the authors predict that financial liberalization, by equalizing access to credit, reduces the variation in expected marginal returns. They test this... READ MORE...

Publication date: June 2004
ISBN 9781451853636
$15.00

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