Financial frictions have been used to enrich mechanism transmission in macroeconomics. However, the predictions of real business cycle models of costly external finance imply a procyclical default rate, external premium and relative price of capital which seems at odd with the d…
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In October 1992, the government of Ethiopia, backed by the IMF and the World Bank, implemented a structural adjustment and macroeconomic policy reform program. The objective of the program is to revitalize the economy by creating a market-oriented system. The dissertation invest…