of credit as a ratio of the gross domestic product (GDP), an application of Schumpeter’s theory of credit and development … three aims. First, Schumpeter sharply distinguished between the volume of credit financing development and the (typically … investment and speculation has been institutionalized are discussed. The message of this paper is that, as Schumpeter wrote …

in a small country seems to be a currency board with a fixed exchange rate that can be adapted in case of a crisis. A …