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Historical financing of small- and medium-size enterprises

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  • Cull, Robert
  • Davis, Lance E.
  • Lamoreaux, Naomi R.
  • Rosenthal, Jean-Laurent

Abstract

We focus on the economies of the North Atlantic Core during the nineteenth and early twentieth centuries and find that an impressive variety of local financial institutions emerged to supply the needs of SMEs wherever there was sufficient demand for their services. Although these intermediaries had significant weaknesses, they were able to tap into local information networks and so extend credit to firms that were too young or small to secure funds from large regional or national institutions. In addition, by raising the return to savings for local households, they helped to mobilize significant new resources for economic development.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Banking & Finance.

Volume (Year): 30 (2006)
Issue (Month): 11 (November)
Pages: 3017-3042

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Handle: RePEc:eee:jbfina:v:30:y:2006:i:11:p:3017-3042

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Cited by:
  1. Mersland, Roy & Strøm, Reidar Øystein, 2007. "Performance and corporate governance in microfinance institutions," MPRA Paper 3888, University Library of Munich, Germany.
  2. Gustavo S. Cortes & Renato L. Marcondes & Maria Dolores M. Diaz, 2011. "Beyond Banks and Stocks: A Study of Industrial Mortgages for the City of São Paulo, Brazil (1866-1914)," Working Papers 09-2011, Universidade de São Paulo, Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto.
  3. Beck, Thorsten & Demirguc-Kunt, Asli, 2006. "Small and medium-size enterprises: Access to finance as a growth constraint," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 2931-2943, November.
  4. Clarke, George R.G. & Cull, Robert & Fuchs, Michael, 2007. "Bank privatization in Sub-Saharan Africa : the case of Uganda commercial bank," Policy Research Working Paper Series 4407, The World Bank.
  5. Macchiavello, Rocco, 2007. "Financial Constraints and the Costs and Benefits of Vertical Integration," CEPR Discussion Papers 6104, C.E.P.R. Discussion Papers.
  6. Macchiavello, Rocco, 2010. "Vertical integration and investor protection in developing countries," Journal of Development Economics, Elsevier, vol. 93(2), pages 162-172, November.
  7. Christopher J. Green & Colin H. Kirkpatrick & Victor Murinde, 2006. "Finance for small enterprise growth and poverty reduction in developing countries," Journal of International Development, John Wiley & Sons, Ltd., vol. 18(7), pages 1017-1030.
  8. de la Torre, Augusto & Martínez Pería, María Soledad & Schmukler, Sergio L., 2010. "Bank involvement with SMEs: Beyond relationship lending," Journal of Banking & Finance, Elsevier, vol. 34(9), pages 2280-2293, September.
  9. Mersland, Roy & Øystein Strøm, R., 2009. "Performance and governance in microfinance institutions," Journal of Banking & Finance, Elsevier, vol. 33(4), pages 662-669, April.
  10. Rosa, Frederico, 2013. "Capital-as-a-Service?," MPRA Paper 52220, University Library of Munich, Germany.
  11. Naomi R. Lamoreaux & Kenneth L. Sokoloff & Dhanoos Sutthiphisal, 2008. "The Reorganization of Inventive Activity in the United States during the Early Twentieth Century," NBER Chapters, in: Understanding Long-Run Economic Growth: Geography, Institutions, and the Knowledge Economy, pages 235-274 National Bureau of Economic Research, Inc.
  12. Anaïs Hamelin, 2013. "Influence of family ownership on small business growth. Evidence from French SMEs," Small Business Economics, Springer, vol. 41(3), pages 563-579, October.
  13. Timothy Guinnane & Ron Harris & Naomi R. Lamoreaux & Jean-Laurent Rosenthal, 2007. "Putting the Corporation in its Place," NBER Working Papers 13109, National Bureau of Economic Research, Inc.
  14. repec:wbk:wbpubs:12363 is not listed on IDEAS
  15. Roy Mersland & Reidar Øystein Str�m, 2008. "Performance and trade-offs in Microfinance Organisations-does ownership matter?," Journal of International Development, John Wiley & Sons, Ltd., vol. 20(5), pages 598-612.
  16. Jianqing Ruan & Xiaobo Zhang, 2009. "Finance and Cluster-Based Industrial Development in China," Economic Development and Cultural Change, University of Chicago Press, vol. 58(1), pages 143-164, October.
  17. Rocco Macchiavello, 2007. "Vertical Integration, Missing Middle and Investor Protection in Developing Countries," Economics Series Working Papers 373, University of Oxford, Department of Economics.

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