Munich Personal RePEc Archive

Agrarian Structure and Endogenous Financial System Development

Vollrath, Dietrich (2008): Agrarian Structure and Endogenous Financial System Development.

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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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