The US Farmland Boom and Bust in the early 20th Century: Lessons for TodayEleventh Paolo Baffi Lecture

There is a vast literature on the effect of institutions on growth and development. The general sense from this literature is that there is a correlation between having better institutions and being more developed; the direction of causality, has been debated vigorously. Financial institutions and financial markets are examples of economic institutions; by looking at their development, we can get a sense of how economic institutions develop and the causal factors in that development [...]