caa a22 4500 39755902X CHVBK 20180308164811.0 cr unu---uuuuu 161202e199605 xx s 000 0 eng 10.1093/wber/10.2.371 doi (NATIONALLICENCE)oxford-10.1093/wber/10.2.371 The Coevolution of the Real and Financial Sectors in the Growth Process [Elektronische Daten] [John Boyd, Bruce Smith] The role of debt and equity changes over time and with the level of development. What are these changes, and why should they systematically occur across different countries and time periods? This article characterizes financial innovation as a dynamic process that both influences and is influenced by the development of the real sector. It focuses on the emergence and development of equity markets, using a model that allows for growth and for capital accumulation that is financed externally through a combination of debt and equity. As an economy develops, the aggregate ratio of debt to equity will generally fall; yet, debt and equity remain complementary sources for the financing of capital investments. The results suggest how various government policy actions might affect capital accumulation and equity market activity. © 1996 The International Bank for Reconstruction and Development / THE WORLD BANK A SYMPOSIUM ISSUE ON STOCK MARKETS AND ECONOMIC DEVELOPMENT nationallicence Boyd John aut Smith Bruce aut The World Bank Economic Review Oxford University Press 10/2(1996-05), 371-396 0258-6770 10:2<371 1996 10 wber https://doi.org/10.1093/wber/10.2.371 text/html Onlinezugriff via DOI 1 other jats NATIONALLICENCE 856 40 https://doi.org/10.1093/wber/10.2.371 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Boyd John aut NATIONALLICENCE 700 1- Smith Bruce aut NATIONALLICENCE 773 0- The World Bank Economic Review Oxford University Press 10/2(1996-05), 371-396 0258-6770 10:2<371 1996 10 wber Metadata rights reserved CC BY-NC-4.0 http://creativecommons.org/licenses/by-nc/4.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-oxford