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Banks and development : Jewish communities in the Italian Renaissance and current economic performance
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Pascali, Luigi (2016) Banks and development : Jewish communities in the Italian Renaissance and current economic performance. Review of Economics and Statistics, 98 (1). pp. 140-158. doi:10.1162/REST_a_00481 ISSN 0034-6535.
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Official URL: http://dx.doi.org/10.1162/REST_a_00481
Abstract
Are differences in local banking development long lasting? Do they affect economic performance? I answer these questions by relying on a historical development that occurred in Italian cities during the Renaissance. A change in Catholic doctrine led to the development of modern banks in cities hosting Jewish communities. Using Jewish demography in 1500 as an instrument, I provide evidence of extraordinary persistence in the level of banking development across Italian cities and substantial effects of local banks on per capita income. Additional firm-level analyses suggest that banks exert large effects on aggregate productivity by reallocating resources toward more efficient firms.
| Item Type: | Journal Article | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HG Finance | ||||||||
| Divisions: | Faculty of Social Sciences > Economics | ||||||||
| Library of Congress Subject Headings (LCSH): | Banks and banking -- Italy -- 16th century, Italy -- Economic conditions -- 16th century, Economic development -- Italy -- 16th century, Cities and towns -- Italy -- 16th century, Usury laws -- Italy -- 16th century, Jews -- Persecutions -- Italy -- 16th century | ||||||||
| Journal or Publication Title: | Review of Economics and Statistics | ||||||||
| Publisher: | MIT Press | ||||||||
| ISSN: | 0034-6535 | ||||||||
| Official Date: | March 2016 | ||||||||
| Dates: |
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| Volume: | 98 | ||||||||
| Number: | 1 | ||||||||
| Page Range: | pp. 140-158 | ||||||||
| DOI: | 10.1162/REST_a_00481 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Access rights to Published version: | Restricted or Subscription Access | ||||||||
| Date of first compliant deposit: | 18 August 2016 | ||||||||
| Date of first compliant Open Access: | 4 March 2017 |
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