Case report
Sep 2026
A Kinked Pipe: Uruguay’s Banking Intermediation Puzzle
Financial development is central to growth because it mobilizes savings, allocates capital, and supports investment and productivity. This paper asks why Uruguay combines an ample deposit base with unusually low private credit, and whether the constraint lies in deposit mobilization or in transforming those deposits in...
R. Bebczuk, Alejo Juan Estavillo Canale, Arturo Galindo et al.
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