![Fiscal growth Fiscal growth](https://cepar.edu.au/sites/default/files/styles/medium/public/Fiscal_space_3.jpg?itok=_HRy6HSE)
Cagri S. Kumru and Saran Sarntisart
In this paper we provide a model that aims to answer the following questions: First, under what conditions an alternative banking system would arise? Second, what are the growth, and welfare implications of these banking systems?
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