Hoffman, Philip T.; Postel-Vinay, Gilles; Rosenthal, … - In: Explorations in Economic History 55 (2015) C, pp. 39-57
Poorly developed financial markets are widely believed to block economic growth, because only modern financial intermediaries such as banks can mobilize large amounts of financial capital at low cost. This claim is supported by cross country regressions, but the regressions assume that credit...