This paper analyses the implications of inefficient financial intermediation for debt management in a model where firms rely on bank credit to finance their working capital needs and lenders face state verification and contract enforcement costs. We show that lower expected productivity, higher enfo
β¦ LIBER β¦
Politics, deficits, and the Laffer curve
β Scribed by Roger N. Waud
- Publisher
- Springer US
- Year
- 1985
- Tongue
- English
- Weight
- 460 KB
- Volume
- 47
- Category
- Article
- ISSN
- 0048-5829
No coin nor oath required. For personal study only.
β¦ Synopsis
Froyen and D. Jansen on earlier drafts. I would also like to thank members of the UNC macro workshop for helpful comments. The usual disclaimer regarding errors applies. Any opinions expressed are those of the author and not those of the National Bureau of Economic Research.
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