The Great Reversals: The Politics of Financial Development in the 20th Century
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We show that the development of the financial sector does not change monotonically over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels. This pattern is inconsistent with most
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美国国家经济研究局创建时间：
2001-03-01
