THE MODERNIZATION OF SWEDISH CREDIT MARKETS, 1840–1905: EVIDENCE FROM PROBATE RECORDS
利用遗嘱认证记录，估算了1840-1905年间瑞典一个城市非中介信贷市场的规模，发现本票长期主导信贷市场，直到1905年银行信贷才超过非正式信贷。
This study estimates the size of the so-called “informal,” or unintermediated, credit market in one Swedish city through a period of economic transformation. In the early 1840s promissory notes accounted for more than half of the total credit market, and almost four times the value of credit channeled through the banking system. Even in the 1870s, the promissory-note market was twice the size of the loan volume of the banking system. By 1905 bank-based credit had finally surpassed the informal variety; but even then, outstanding promissory notes were almost three-fifths as great as total bank credits to noncorporate borrowers.