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removing barriers to bank entry on bank competition and economic growth. As governments were not concerned about systemic … stability in this period, we are able to isolate the effects of bank competition from those of state implicit guarantees. We … find that the introduction of free banking laws stimulated the creation of new banks and led to more bank failures. Our …
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dissolution of many early public banks. A prominent exception was the Bank of England, whose adept management of a fiscally backed …
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