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7.1 Banks, Financial Markets, and Textile Finance 7.1 Banks, Financial Markets, and Textile Finance
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7.1.1 Mexico 7.1.1 Mexico
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7.1.2 Brazil 7.1.2 Brazil
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7.2 Finance and the Structure and Growth of the Textile IndustRy 7.2 Finance and the Structure and Growth of the Textile IndustRy
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7.3 Total Factor Productivity Growth 7.3 Total Factor Productivity Growth
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7.4 Conclusions 7.4 Conclusions
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References References
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7. Banks, Financial Markets, and Industrial Development: Lessons from the Economic Histories of Brazil and Mexico
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Published:July 2003
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Abstract
The banking systems of most Latin American countries are small, concentrated, and inefficient. Financial markets do not serve as substitutes for banks: few firms can mobilize capital through the markets, and even the largest exchanges tend to be dominated by one or two issues. What effects do underdeveloped financial markets and banking systems have on the real economy? Do imperfections in capital markets serve as barriers to entry? If so, do financial barriers to entry have an effect on the competitive structure and performance of industry? This chapter addresses these questions by analyzing the cases of Brazil and Mexico during their first major periods of banking and financial market reform: the years 1880 to 1930. It is organized as follows. The first section compares the institutional history of financial intermediaries and textile mill financing in Brazil and Mexico. The second section assesses changes in the size and competitive structure of each country's textile industry in light of their histories of industrial finance. The third section presents estimates of total factor productivity growth. The fourth section concludes.
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