Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - In: The Quarterly Journal of Economics 119 (2004) 3, pp. 929-969
We study the effects of differences in local financial development within an integrated financial market. We construct a new indicator of financial development by estimating a regional effect on the probability that, ceteris paribus, a household is shut off from the credit market. By using this...