Historical Financing of Small- and Medium-Sized Enterprises

59 Pages Posted: 20 Dec 2005 Last revised: 6 Mar 2006

See all articles by Robert Cull

Robert Cull

World Bank - Development Research Group (DECRG)

Lance E. Davis

California Institute of Technology - Division of the Humanities and Social Sciences; National Bureau of Economic Research (NBER)

Naomi R. Lamoreaux

Yale University; National Bureau of Economic Research (NBER)

Jean-Laurent Rosenthal

University of California, Los Angeles (UCLA) - Department of Economics

Date Written: October 2005

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.

Suggested Citation

Cull, Robert and Davis, Lance E. and Lamoreaux, Naomi R. and Rosenthal, Jean-Laurent, Historical Financing of Small- and Medium-Sized Enterprises (October 2005). NBER Working Paper No. w11695, Available at SSRN: https://ssrn.com/abstract=827971

Robert Cull (Contact Author)

World Bank - Development Research Group (DECRG) ( email )

1818 H. Street, N.W.
MSN3-311
Washington, DC 20433
United States
202-473-6365 (Phone)
202-522-1155 (Fax)

HOME PAGE: http://econ.worldbank.org/staff/rcull

Lance E. Davis

California Institute of Technology - Division of the Humanities and Social Sciences ( email )

1200 East California Blvd.
Pasadena, CA 91125
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Naomi R. Lamoreaux

Yale University ( email )

27 Hillhouse
New Haven, CT 06520
United States
2034323625 (Phone)

HOME PAGE: http://www.econ.yale.edu/faculty1/lamoreaux.htm

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Jean-Laurent Rosenthal

University of California, Los Angeles (UCLA) - Department of Economics ( email )

Box 951477
Los Angeles, CA 90095-1477
United States

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
107
Abstract Views
1,365
rank
298,076
PlumX Metrics