The DOI matches its Crossref record; 7 of the 7 references it cites were found in a registry or an index.
The Great Reversals: The Politics of Financial Development in the 20th Century
Open accessAbstract
Indicators of the development of the financial sector do not improve 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 cannot be explained by structural theories that attribute cross-country differences in financial development to time-invariant factors, such as a country's legal origin or culture. We propose an "interest group" theory of financial development where incumbents oppose financial development because it breeds competition. The theory predicts that incumbents' opposition will be weaker when an economy allows both cross-border trade and capital flows. This theory can go some way in accounting for the cross-country differences and the time series variation of financial development. When we recognize that different kinds of institutional heritages afford different scope for private interests to express themselves, we obtain a synthesis between the structural theories and private interest theory, which is supported by the data.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1998) · Journal of Political Economy · doi:10.1086/250042 · Cited by 18,025
Olson, M. (1965) · doi:10.4159/9780674041660 · Cited by 14,191
Legal Determinants of External Finance
LA PORTA, R., LOPEZ‐DE‐SILANES, F., SHLEIFER, A., & VISHNY, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb02727.x · Cited by 9,783
The colonial origins of comparative development: An empirical investigation
Acemoglu, D., Johnson, S., & Robinson, J. A. (2001) · American Economic Review · doi:10.1257/aer.91.5.1369 · Cited by 8,517
La Porta, R. (1999) · Journal of Law, Economics, and Organization · doi:10.1093/jleo/15.1.222 · Cited by 5,699
North, D. C., & Weingast, B. R. (1989) · The Journal of Economic History · doi:10.1017/s0022050700009451 · Cited by 5,300
The effect of credit market competition on lending relationships
Petersen, M. A., & Rajan, R. G. (1995) · The Quarterly Journal of Economics · doi:10.2307/2118445 · Cited by 3,294
Self-citation
Cited by
The great reversals: the politics of financial development in the twentieth century
Rajan, R. G., & Zingales, L. (2003) · Journal of Financial Economics · doi:10.1016/s0304-405x(03)00125-9 · Cited by 3,327
Self-citationThe Economic Consequences of Legal Origins
Porta, R. L., Lopez-de-Silanes, F., & Shleifer, A. (2008) · Journal of Economic Literature · doi:10.1257/jel.46.2.285 · Cited by 3,220
What matters for financial development? Capital controls, institutions, and interactions
Chinn, M. D., & Ito, H. (2006) · Journal of Development Economics · doi:10.1016/j.jdeveco.2005.05.010 · Cited by 2,650
Does financial liberalization spur growth?
BEKAERT, G., HARVEY, C., & LUNDBLAD, C. (2005) · Journal of Financial Economics · doi:10.1016/j.jfineco.2004.05.007 · Cited by 2,012
Entry regulation as a barrier to entrepreneurship
Klapper, L., Laeven, L., & Rajan, R. (2006) · Journal of Financial Economics · doi:10.1016/j.jfineco.2005.09.006 · Cited by 1,723
Self-citation
Metadata
- Authors
- Rajan, R., & Zingales, L.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2001-03
- OpenAlex
- W3123417274
- Cited by
- 823
- References
- 7
- Type
- report
- Language
- en
- Open access
- green
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: The Great Reversals: The Politics of Financial Development in the 20th Century. https://app.cochat.ai/papers/10.3386/w8178
- The paper
- Rajan, R., & Zingales, L. (2001). The Great Reversals: The Politics of Financial Development in the 20th Century. National Bureau of Economic Research. https://doi.org/10.3386/w8178
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
