Indicators of the development of the financial sector do not improve monotonically over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels. This pattern cannot be explained by structural theories that attribute cross-country differences in financial development to time-invariant factors, such as a country's legal origin or culture. We propose an "interest group" theory of financial development where incumbents oppose financial development because it breeds competition. The theory predicts that incumbents' opposition will be weaker when an economy allows both cross-border trade and capital flows. This theory can go some way in accounting for the cross-country differences and the time series variation of financial development. When we recognize that different kinds of institutional heritages afford different scope for private interests to express themselves, we obtain a...

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In tree-based multicast systems, a relatively small number of interior nodes carry the load of forwarding multicast messages. This works well when the interior nodes are highly available, d d cated infrastructure routers but it poses a problem for application-level multicast in peer-to-peer systems

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www.bcs-hci.org.uk Find out what happened at HCI2004 Interacting with … music aeroplanes petrol pumps Published by the British HCI Group • ISSN 1351-119X 1

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