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… is from page 51 of Columbia University economist Charles Calomiris’s 2002 monograph, A Globalist Manifesto for Public Policy [2] (footnote deleted; link added):
A recent study [3] of financial-sector development over the past century by Raghuram Rajan and Luigi Zingales finds that international openness tends to constrain the wasteful rent-seeking activities of domestic banks and other firms that would otherwise retard financial and economic development.
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