Historical Financing of Small- and Medium-Sized Enterprises

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

No 11695, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: G2 N2 (search for similar items in EconPapers)
Date: 2005-10
New Economics Papers: this item is included in nep-ent, nep-fin, nep-fmk, nep-his, nep-net and nep-tid
Note: DAE
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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.

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