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首页> 外文期刊>Journal of banking & finance >Finance and development: Rethinking the role of financial transparency
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Finance and development: Rethinking the role of financial transparency

机译：金融与发展：重新思考金融透明度的作用

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Over the last decade many developing countries strengthened their transparency standards with the objective of improving asset market allocations and macroeconomic outcomes. This paper develops a general equilibrium model and argues that in a financially underdeveloped economy - with uninsurable consumption risk and stochastic-investment - enforcing financial transparency might be counterproductive. The framework builds upon a standard property that illiquid asset markets cause under-investment in assets that pay in the long-run, because individually rational agents hoard cash to exploit sales of underpriced long-term assets. First, I show that in this environment private revelation of news about investment-returns could give a chance to sell low-quality assets and then characterize the conditions under which the lack of financial transparency reduces under-investment and improves macroeconomic development. An empirical analysis reveals that the theoretical predictions of the model is in line with cross-country data. (C) 2019 Elsevier B.V. All rights reserved.
机译：在过去十年中，许多发展中国家加强了透明度标准，以期改善资产市场分配和宏观经济成果。本文建立了一个一般均衡模型，并指出在金融不发达的经济中，由于存在不可保的消费风险和随机投资，实施金融透明可能会适得其反。该框架建立在一个标准属性的基础上，流动性不佳的资产市场会导致长期支付的资产投资不足，因为个别理性的代理商会cash积现金以开发价格低廉的长期资产。首先，我表明，在这种环境下，有关投资回报的私人启示可能会为出售劣质资产提供机会，然后描述缺乏财务透明度会减少投资不足并改善宏观经济发展的条件。实证分析表明，该模型的理论预测与跨国数据相符。 （C）2019 Elsevier B.V.保留所有权利。

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