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The impact of venture capital on the economy of the emerging markets
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Resumo(s)
There is a large literature review that study the impact of financial activities on the economic
growth of countries. Already in the 1911 A. Schumpter emphasized the positive effect of the
development of a country' s financial sector on the level and on the growth of its per capita
income. The core of the argument is that the financial sector's services—reallocating capital
to the greatest value of use while minimizing losses due to moral hazard, adverse selection, or
transaction costs—are a crucial engine for economic growth. This claim seems to be
supported by empirical research. For instance, Raymond W. Goldsmith (1969, p. 48) draws
the conclusion that "a rough parallelism can be established between economic and financial
development if periods of several decades are evaluated" based on data from 35 nations
between 1860 and 1963
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Start-up Venture capital Emerging markets Economic growth