In addressing the matter, two essays study the effects of the debt vs. equity dimension of the financial structure on international consumption smoothing and macroeconomic volatility (in particular, economic downturns). Another essay evaluates the role of informal financial institution by looking into the economic growth implications of the coexistence of formal-informal financial institutions. The final essay examines interest-rate determination as the optimization choice of the central regulator with ideological bias who is lobbied by interest groups. Taken together, the essays collectively reveal interesting insights on determination of some aspects of financial structure and their impacts on macroeconomic performance. In conveying practical messages, the thesis is offered as a tool to be used by policy-makers to set proper financial structure policies in the years to come.
|Qualification||Doctor of Philosophy|
|Award date||21 Apr 2006|
|Place of Publication||Tilburg|
|Publication status||Published - 2006|