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.udud
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机译:本地银行业务发展的差异是否持久?它们会影响经济表现吗?我依靠文艺复兴时期意大利城市的历史发展来回答这些问题。天主教教义的改变导致在容纳犹太人社区的城市发展现代银行。我使用1500年的犹太人口统计学作为一种工具,证明了意大利城市银行业发展水平的非凡持久性以及本地银行对人均收入的巨大影响。其他公司层面的分析表明,银行通过将资源重新分配给效率更高的公司,从而对总生产率产生重大影响。 ud ud
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