haku: @author Rajan, R. G. / yhteensä: 7
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| Tekijä: | Rajan, R. G. Zingales, L. |
| Otsikko: | The great reversals: the politics of financial development in the twentieth century |
| Lehti: | Journal of Financial Economics
2003 : JUL, VOL. 69:1, p. 5-50 |
| Asiasana: | Financial markets Economic growth Trade Politics Capital flows |
| Kieli: | eng |
| Tiivistelmä: | The state of development of the financial sector does not change monotonically over time. In particular, by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels. To explain these changes, the authors propose an interest group theory of financial development where incumbents oppose financial development because it breeds competition. The theory predicts that incumbents' opposition will be weaker when an economy allows both cross-border trade and capital flows. |
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