The Evolving Importance of Banks and Securities Markets
---- Acknowledgements ----
We received very helpful comments from Thorsten Beck, Norman Loayza, Yona Rubinstein, seminar participants at the World Bank's June 16, 2011 conference, "Financial Structure and Economic Development," and three anonymous referees. Mauricio Pinzon Latorre provided outstanding research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.