Do banks affect long-term economic performance? I answer this question by relying on an historical development that … creation of charity lending institutions that evolved into many of the current Italian banks. Using Jewish demography in 1450 …. Additional rm-level analyses suggest that well-functioning local banks exert large effects on aggregate productivity by …

demography in 1500 as an instrument, I provide evidence of (1) an extraordinary persistence in the level of banking development …-level analyses suggest that well-functioning local banks exert large effects on aggregate productivity by reallocating resources …

provide evidence on the channels of persistence. Armenian and Greek contribution to long-run development is largely mediated …

provide evidence on the channels of persistence. Armenian and Greek contribution to long-run development is largely mediated …

microfinance models of lending offer considerably lower costs of borrowing than those in regular models of direct lending by banks …

effect was essentially driven by the savings banks, which have stronger regional development objectives than those held by … the commercial banks, and which expanded more intensely into municipalities with more precarious financial services. …

poverty by 4.2 pp. As channels of persistence, I show that concertaje historically led to lower education levels, reduced …

poverty by 4.2 pp. As channels of persistence, I show that concertaje historically led to lower education levels, reduced …