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This paper brings together two strands of the economic literature -- that on the finance-growth nexus and that on capital market integration -- and explores key issues surrounding each strand through both institutional/country histories and formal quantitative analysis. We begin with studies of...
Persistent link: https://www.econbiz.de/10012470401
This paper uses standard tools of empirical macro economics to examine how well the existing historical time series support a role for financial factors in real sector activity in four economies that experienced what are widely considered to be 'financial revolutions' over the past 400 years....
Persistent link: https://www.econbiz.de/10012469373
measured as the value of private loans issued at the Bank of England. For the wider panel of countries and more recent data, we …
Persistent link: https://www.econbiz.de/10012462195
that centers on the existence of an increasingly efficient market for bank shares. The stock market was important because …
Persistent link: https://www.econbiz.de/10012462885
database linked to a census of banking. These data indicate that those counties that already had a bank were more likely to see …
Persistent link: https://www.econbiz.de/10012458467
We investigate the relationships of bank failures and balance sheet conditions with measures of proximity to different … forms of transportation in the United States over the period from 1830-1860. A series of hazard models and bank …. Specifically, railroads facilitated better information flows about banks that led to modifications in bank asset composition …
Persistent link: https://www.econbiz.de/10012458632
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 developing regions, we find in county-level data that...
Persistent link: https://www.econbiz.de/10012460638