Economics, Econometrics and Finance
4 years ago

Specialization drives growth: Financial intermediaries key for sustained economic development.

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RePEc: Research Papers in Economics
Specialization, Intermediation, and Growth
Alexander Galetovic

Paper Summary

Specialization in businesses leads to more credit transactions, which can help economic growth. Financial intermediaries emerge to help monitor these transactions and prevent duplication of effort. This means that for growth to happen and continue, intermediaries are needed.

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