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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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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