The paper describes tests of hypotheses from economic history and theory concerning the significance of financial development as a possible determinant of economic growth. The empirical analysis is based on a large panel data set covering 93 countries from 1970-90. It goes beyond existing...

The development of a well adapted financial system was a main part of the successful Swedish economic modernization in the latter half of the nineteenth century. In this paper it is shown that this development followed the pattern of a financial revolution. Major institutional and organizational...