This paper addresses the efficient management of natural resource revenues in capital-scarce developing economies. We depart from usual prescriptions based on the permanent income hypothesis, since for capital-scarce countries it is preferable to invest domestically. Since revenue streams are...

This paper studies the impact of cross-country variation in financial market development on firms' financing choices and growth rates using comprehensive firm-level datasets. We document that in less financially developed economies, small firms grow faster and have lower debt to asset ratios...

Italy is characterized by strong differencesboth in the productive and in the financial structure. Small and medium firmstend to concentrate in the so called 'Marshallian industrial district', whoseproductive system has been thoroughly studied but whose financial features arepartially...

Discusses the connection between conventional models of business investment and the literature on the imperfections in capital markets and the differences in individual firms' abilities to access these markets. Financing methods considered in this analysis include short-term bank debt, long-term...

Investigates whether US entrepreneurs are undercapitalized and why some individuals survive as entrepreneurs while others do not. The hypothesis posited is that, if entrepreneurs are unable to borrow enough to attain their profit-maximizing levels of capital, then entrepreneurs with enough...