For example, a substantial share of  2  See, for example, B. Amable and J.-B. Chatelain, “Can Financial Infrastructures Foster Economic Development?”, Journal of Development Economics, 64(2), April 2001, pp. 481-498; J. Bonin and P. Wachtel, “Financial Sector Development in Transition Economies: Lessons from the First Decade”, Financial Markets, Institutions & Instruments, 12(1), February 2003, pp.
1-66; and L. Ndikumana, “Financial Development, Financial Structure, and Domestic Investment”, Journal of International Money and Finance, 24(2), June 2005, pp. 651-673. 3  With the exception of Cyprus and Malta, which are in this respect somewhat more comparable with the euro area. 4  ECB Monthly Bulletin, “Characteristics of corporate finance in the euro area”, February 2001, pp. 37-50.