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Handbook of the Economics of Finance by Rene M. Stulz, Milton Harris, George M. Constantinides

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Chapter 10

Financing in Developing Countries

Meghana Ayyagaria, Asli Demirguc-Kuntb and Vojislav Maksimovicc

aSchool of Business, George Washington University, Funger Hall 401, Washington D.C. 20052, USA

bThe World Bank, 1818 H Street NW, Washington D.C. 20433, USA

cRobert H. Smith School of Business, Van Munching Hall, University of Maryland, College Park, MD 20742, USA, ayyagari@gwu.edu

Abstract

This chapter reviews and synthesizes theoretical and empirical research on the role of finance in developing countries. First, the paper presents the stylized facts about firms in developing nations as well as the legal, financial, and broader institutional framework in which these firms operate. Next, the paper focuses on the financing choices available ...

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