affect real outcomes. In this paper we pursue this new direction by considering relationships between finance, growth, legal … seem linked to larger financial sectors and higher conditional rates of economic growth. Despite the explanatory power of … some of our measures of the deeper "fundamentals," however, a significant part of the growth-enhancing role of financial …

and debt crises and its indirect effects on short-term growth and long-run output effects in both 1880-1913 and 1973 …