Credit Markets, Creditors Rights and Economic Development
According to the authors, credit markets are just as important as equity markets to financial development. And in most countries far more finance is generated in credit markets than in public equity markets. Even in the United States, which is usually thought the country with the most pronounced equity culture, far more money is raised in credit markets than in equity markets.
Link
http://www.brookings.edu/views/papers/200602dam.pdf