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This paper discusses the different functions that capital markets and banks have in economic development, and it reviews the debate about marketbased vs. bank-based financial systems. Using data for a sample of 40 countries over the period 1975-98, the paper then shows that variation in both...
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100 countries around the world. The literature that has analyzed this data provides evidence that a good business climate … research agenda and possible improvements in survey design. "--World Bank web site …
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