Using a firm-level survey database covering 48 countries, we investigate how financial and institutional development affects financing of large and small firms. Our database is not limited to large firms but includes small and medium-size firms and data on a broad spectrum of financing sources,...

The end of the Cold War changed the political landscape of the Black Sea area and the Middle East completely: In the North-East, the collapse of the Soviet Union was followed by the nascence of new sovereign nation states - with all the problems of nation building and all the costs of going...