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regulated institutions such as bank holding companies and insurance companies, thus creating a source of systemic risk for the …
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among depositors or information asymmetries between depositors and bank managers to explain bank runs. This Article provides …
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This paper sheds light on the role of informal economy, defined as all economic activities that are hidden from official authorities for various reasons, in financial development convergence. Using panel data from 156 countries over the period of 1991-2017, we find that financial development (as...
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