Historical Financing of Small- and Medium-Sized Enterprises

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...

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Main Authors: Robert Cull, Lance E. Davis, Naomi R. Lamoreaux, Jean-Laurent Rosenthal
Format: Report
Language:unknown
Subjects:
North Atlantic
Online Access:http://www.nber.org/papers/w11695.pdf
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spelling ftrepec:oai:RePEc:nbr:nberwo:11695 2024-04-14T08:15:39+00:00 Historical Financing of Small- and Medium-Sized Enterprises Robert Cull Lance E. Davis Naomi R. Lamoreaux Jean-Laurent Rosenthal http://www.nber.org/papers/w11695.pdf unknown http://www.nber.org/papers/w11695.pdf preprint ftrepec 2024-03-19T10:37:47Z 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. Report North Atlantic RePEc (Research Papers in Economics)
institution Open Polar
collection RePEc (Research Papers in Economics)
op_collection_id ftrepec
language unknown
description 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.
format Report
author Robert Cull
Lance E. Davis
Naomi R. Lamoreaux
Jean-Laurent Rosenthal
spellingShingle Robert Cull
Lance E. Davis
Naomi R. Lamoreaux
Jean-Laurent Rosenthal
Historical Financing of Small- and Medium-Sized Enterprises
author_facet Robert Cull
Lance E. Davis
Naomi R. Lamoreaux
Jean-Laurent Rosenthal
author_sort Robert Cull
title Historical Financing of Small- and Medium-Sized Enterprises
title_short Historical Financing of Small- and Medium-Sized Enterprises
title_full Historical Financing of Small- and Medium-Sized Enterprises
title_fullStr Historical Financing of Small- and Medium-Sized Enterprises
title_full_unstemmed Historical Financing of Small- and Medium-Sized Enterprises
title_sort historical financing of small- and medium-sized enterprises
url http://www.nber.org/papers/w11695.pdf
genre North Atlantic
genre_facet North Atlantic
op_relation http://www.nber.org/papers/w11695.pdf
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