The Role of Social Capital in Financial Development
利用意大利各地区社会资本差异，发现高社会资本地区家庭更多使用支票、投资股票、获得正规信贷，且社会资本在法治薄弱和低教育人群中作用更强。
To identify the effect of social capital on financial development, we exploit social capital differences within Italy. In high-social-capital areas, households are more likely to use checks, invest less in cash and more in stock, have higher access to institutional credit, and make less use of informal credit. The effect of social capital is stronger where legal enforcement is weaker and among less educated people. These results are not driven by omitted environmental variables, since we show that the behavior of movers is still affected by the level of social capital of the province where they were born.