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so early here specifically; how markets were organised as institutions and how they functioned. It will be demonstrated … that the markets here had a favourable organisation, with low transaction costs, a high level of integration of the markets … and a large degree of certainty for parties entering these markets. Nevertheless, the consequences of the rise of the …
Persistent link: https://www.econbiz.de/10011107981
We present a survey of the finance-growth nexus that raises a number of qualifications to the mainstream interpretation. Doubts regarding empirical consensus are investigated and we consider the prevalence of cross-section econometrics as dominant in shaping the present theoretical consensus. To...
Persistent link: https://www.econbiz.de/10005807918
We develop a parsimonious finance and endogenous growth model with microeconomic frictions in entrepreneurship and a role for credit constraints. We demonstrate that though an efficiency-growth relation will always exist, the efficiency-depth-growth relation may not. This has implications for...
Persistent link: https://www.econbiz.de/10005807921
That financial matters did not constrain industrial takeoff in the UK is generally accepted in the historical literature; in contrast, contemporary empirical analyses have found evidence that financial development can be a causal determinant of economic growth. We look to reconcile these findings...
Persistent link: https://www.econbiz.de/10005061485
There is a large and growing literature on the relationship between financial development and economic growth. It suggests a positive causal link running from finance to growth. We consider, in broad terms, the existing historical evidence on this connection. We demonstrate that constraints on...
Persistent link: https://www.econbiz.de/10005696951
consumption, which had always existed in the countryside, in some places rural industries aimed at non-local markets developed as …
Persistent link: https://www.econbiz.de/10011259839
organization of markets. We argue that the relative ease of trade and communication combined with economic competition between …
Persistent link: https://www.econbiz.de/10010837332
In this paper the events of the expansion abroad of the large Italian banks during the period 1900-1950 have been reconstructed. This expansion has been analysed using a geographical criterion considering the different regions where Italian banks created branches or affiliated banks between the...
Persistent link: https://www.econbiz.de/10005661136
We investigate the early development of English cotton spinning by analyzing about 700 bankruptcies and 1300 dissolutions of partnership reported in the London Gazette, 1770–1840. The data show two temporal cycles, peaking in the early to mid-1800s and in the later 1820s, near the ends of...
Persistent link: https://www.econbiz.de/10004992046
in the Low Countries and Italy, it is shown that these older monasteries could adapt and reinvent themselves to stave off …
Persistent link: https://www.econbiz.de/10010908108