ARE BAD FIRMS BENEFICIAL TO GROWTH?

MAURIZIO CASERTA; FRANCESCO REITO

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ARE BAD FIRMS BENEFICIAL TO GROWTH?

机译：劣质企业有利于增长吗？

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In this paper we analyse a case of adverse selection in the credit market to show that, in the presence of a monopolistic bank, bad firms can be beneficial to accumulation and growth. Two main implications are drawn: first, even if classical diminishing returns on technology are ruled out, growth declines over time. Second, any attempt to make banks more capable of discriminating between bad and good firms will resolve itself into a restraint to growth.

机译：在本文中，我们分析了信贷市场中逆向选择的情况，以表明，在存在垄断银行的情况下，不良企业可以有利于积累和增长。得出两个主要含义：首先，即使排除了经典的技术回报递减的情况，增长也会随着时间的推移而下降。其次，任何使银行更有能力区分坏公司和好公司的尝试都将使自己束缚增长。

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来源
《The Manchester school》 |2012年第3期|p.279-294|共16页
作者
MAURIZIO CASERTA; FRANCESCO REITO;
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University of Catania, DEMQ;

University of Catania, DEMQ;

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正文语种 eng
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ARE BAD FIRMS BENEFICIAL TO GROWTH?

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