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Historical Financing of Small- and Medium-Sized Enterprises

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

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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File URL: http://www.nber.org/papers/w11695.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 11695.

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Date of creation: Oct 2005
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Publication status: published as Cull, Robert & Davis, Lance E. & Lamoreaux, Naomi R. & Rosenthal, Jean-Laurent, 2006. "Historical financing of small- and medium-size enterprises," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 3017-3042, November.
Handle: RePEc:nbr:nberwo:11695
Note: DAE
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