Journal
JOURNAL OF BANKING & FINANCE
Volume 30, Issue 11, Pages 3017-3042Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.jbankfin.2006.05.005
Keywords
SMEs; banks; equity markets; credit; finance
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We focus on the economies of the North Atlantic Core during the 19th and early 20th 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. (c) 2006 Elsevier B.V. All rights reserved.
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