Robert Lensink

Elmer Sterken

Hong Bo

This book presents an up-to-date overview of the theory as well as the empirics of the relationship between investment, financial imperfections and uncertainty. After reviewing the capital market imperfections literature and the empirical results, the authors discuss both traditional investment models with uncertainty and the more modern option based models. They present an overview of empirical results of the modelling of investment under uncertainty. In these examples the effects of capital market imperfections on investment are carefully considered. The authors conclude that there is overwhelming empirical support for a negative uncertainty-investment relationship. This book should appeal to academics with an interest in investment theory, professionals in the financial sector and students of macroeconomics and finance. "Investment, Capital Market Imperfections, and Uncertainty" assumes only a basic knowledge of mathematics and is easily accessible.

Theory and Empirical Results

Investment, Capital Market Imperfections, and Uncertainty

Peter A. G. van Bergeijk

Cars Hommes

Hans van Ees

Ronald Boin

Wietse Dol

Jouke van Dijk

Ton Steerneman

Research memorandum

Memorandum from Institute of Economic Research, Faculty of Economics, University of Groningen

Niels Hermes

This collection brings together a collection of theoretical and empirical findings on aspects of financial development and economic growth in developing countries. The book is divided into two parts: the first identifies and analyses the major theoretical issues using examples from developing countries to illustrate how these work in practice; the second part looks at the implications for financial policy in developing countries.

Theory and Experiences from Developing Countries

Financial Development and Economic Growth

Robert Lensink

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