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3 “... can explain little of the over-time variation in bank spreads. Bank-level characteristics...”

4 “... and over time unites a range of indicators that measure the size, activity, and efficiency of financial...”

5 “... not leading to higher returns. The paper also documents important time, cross-bank, and cross-county variation...”

6 “... of income. Exploiting cross-state and cross-time variation, we test whether liberalizing restrictions...”

7 “... the time-series approach, which focuses on the forecast capacity of financial development for future growth...”

8 “... that are more reliant on natural resources and spent a longer time under socialist governments are more likely...”