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Agrarian Structure and Endogenous Financial System Development

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  • Vollrath, Dietrich

Abstract

The development of the financial system is shown, both historically and in contemporary data, to be adversely affected by inequality in the distribution of land. To accommodate these empirical findings, a theory is developed that highlights the incentives of landowners to oppose competition in the financial sector. The theory provides an explanation for the co-incident development of the financial sector and overall economy.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 11538.

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Date of creation: 11 Nov 2008
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Handle: RePEc:pra:mprapa:11538

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Keywords: Land distribution; financial development; overlapping generations; financial institutions;

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