Cull, Robert
[VerfasserIn]
;
Davis, Lance E.
[Sonstige Person, Familie und Körperschaft];
Lamoreaux, Naomi R.
[Sonstige Person, Familie und Körperschaft];
Rosenthal, Jean-Laurent
[Sonstige Person, Familie und Körperschaft]
Historical Financing of Small- and Medium-Sized Enterprises
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 2005 erstellt
Beschreibung:
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