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change borders to estimate treatment effects for 23 separate deregulation events. To distinguish real treatment effects from … in five out of the 23 deregulation events examined. Hinterland countiesʺ within the still-regulated states, but farther …-border spillover of deregulation effects may invalidate the empirical design …
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We exploit the introduction of free banking laws in US states during the 1837-1863 period to examine the impact of removing barriers to bank entry on bank competition and economic growth. As governments were not concerned about systemic stability in this period, we are able to isolate the...
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