Abstract
Abstract.The phenomenon of interlocking has been used to look at economic connections during the early stages of development and more recently in modern finance theories to explain inefficiencies in banking systems. A controversy exists as to its effects. This paper argues that a well‐formed interlocked network can be an inefficient equilibrium for development, reached through the channel of diminished banking sector profitability, and we need further research in this area to fully understand the issues associated with small, peripheral economies on the path of modern economic growth.
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