. The analysis includes a set of multivariate time series models that relate measures of banking and equity market activity …

The "Federalist financial revolution" may have jump-started the U.S. economy into modern growth, but the Free Banking … System (1837-1862) did not play a direct role in sustaining it. Despite lowering entry barriers and extending banking into …

database linked to a census of banking. These data indicate that those counties that already had a bank were more likely to see … railroad. The initial banking system thus helped establish the rail system, while the rapid expansion of railroads helped fill … in the banking map of the American Midwest …

" banking outcomes. Although railroads improved economic conditions along their routes, we offer evidence of another channel …