This paper analyzes the early history of corporate shareholding, and its relationship with political change. In the late eighteenth century, corporations were extremely rare and were dominated by elites, but in the early nineteenth century, after American politics became significantly more...

The aim of traditional retirement planning is to set a wealth accumulation target for your retirement date so that your desired expenditures can be obtained using a “safe” withdrawal rate. But it is quite difficult to know if you are making progress toward this target. Volatility over short...

Remittances of Continental Dollars to the national treasury from each state by year from 1779 through 1789 are used to determine state compliance with congressional resolutions regarding Continental-Dollar redemption. From 1781 through 1789, the states as a whole stayed well ahead of the...

The core instability generated by a fractional-reserve banking system provides strong incentives for commercial banks to control the financial operations of large depositors as well as to supply financial support and even take the initiative towards the concentration of the industrial entities....

Colonial Americans complained that gold and silver coins (specie) were chronically scarce. These coins could be acquired only through importation. Given unrestricted trade in specie, market arbitrage should have eliminated chronic scarcity. A model of efficient barter and local inside money is...

The origins of the stock market go back to the early 1600s, when the first stock (primarily involving the shipping and spice markets) was issued. Later on, the governments of the time decided to sell bonds to raise money for the wars they were involved in. That is precisely what the new U.S....

Before the formation of the Federal Reserve, banking panics were routine events in the United States. During the most severe episodes, banks in cities across the country would often suspend or restrict the par convertibility of their demand deposit liabilities. In diagnosing the causes of the...

Historical wealth micro-data from Wentworth County, Ontario examines the evolution of female and male wealth holding in the wake of 19th century property rights legislation. The results reveal that male wealth was greater than female wealth in Wentworth County but that over time the gap...

The fully amortized mortgage loan contract is an important instance of financial innovation in the U.S. residential mortgage market. We examine the adoption of this contract from the 1880s to the 1930s by building and loan (B&L) associations, the nation's most important institutional home...

Why did Victorian Britain invest so much capital abroad? We collected over 500,000 monthly returns of British and foreign securities trading in London and the United States between 1866 and 1907. These heretofore-unknown data allow us to better quantify the historical benefits of international...