Most long-term credit in developing countries is allocated through negotiated agreements between government institutions and financial intermediaries or final borrowers, and often at administered rates. Yet may developing countries have no long-term credit market whose interest rates can be used as benchmarks for these loans. If credit is priced improperly, it will be allocated inefficiently and the development of capital markets may be stunted. In...
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详细
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1993/07/31
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日志文章
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14318
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1
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1
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1999/10/13
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Using auctions to allocate and price long-term credit
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Operational Core Curriculum