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CEPAL Review

Cepal Review is the leading journal for the study of economic and social development issues in Latin America and the Caribbean. Edited by the Economic Commission for Latin America, each issue focuses on economic trends, industrialization, income distribution, technological development and monetary systems, as well as the implementation of economic reform and transfer of technology. Written in English and Spanish (Revista de la Cepal), each tri-annual issue offers approximately 12 studies and essays undertaken by authoritative experts or gathered from conference proceedings.

English Spanish

The imperfections of the capital market

The classical theory of capital is based on an ideal functioning of markets and assumes that economies have a great capacity for adjustment, goods being easily substitutable, supplies relatively elastic, prices flexible and markets composed of a large number of individuals. Nevertheless, most underdeveloped economies exhibit traits far removed from such assumptions. Are these traits important enough to modify the results of the classical model and explain the imperfections of the capital market? The author answers this question on the basis of a number of central concepts and the experience of the Colombian economy.

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