This paper analyzes the process of financial development over the last three to four decades from the perspective of the fundamental frictions (agency and collective) to which economic agents were exposed. A comprehensive statistical benchmarking analysis showed that financial development followed regular dynamics that can be largely explained by the underlying frictions. In particular, the sequencing, returns to scale, and shape of the developmental...
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2013/02/26
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Artigo de revista
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112386
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1
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1
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2017/02/27
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Disclosed
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Financial development : structure and dynamics
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returns to scale
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