North-South Lending and Endogenous Domestic Capital Market Inefficiencies
作者： Mark Gertler , Kenneth Rogoff
DOI: 10.1016/0304-3932(90)90022-V
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摘要: Abstract We develop an open-economy model of intertemporal trade under asymmetric information. Capital market imperfections are endogenous and depend on a country's stage economic development. Relative to the perfect-information benchmark, North-South capital flows dampened (and possibly reversed) world interest rates lower. Whereas riskless equalized across borders, domestic loan rate is higher in poorer countries. The can be applied number policy issues including debt-overhang problem, indexation foreign public debts, effect income distribution growth.
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