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Does the Structure of Banking Markets Affect Economic Growth? Evidence from U.S. State Banking Markets

Mitchener, Kris James; Wheelock, David C. - National Bureau of Economic Research (NBER) - 2010

This paper examines the relationship between the structure of banking markets and economic growth using a new dataset on manufacturing industry-level growth rates and banking market concentration for U.S. states during 1899-1929--a period when the manufacturing sector was expanding rapidly and...

Persistent link: https://www.econbiz.de/10008610952

The Market for Bank Stocks and the Rise of Deposit Banking in New York City, 1866-1897

Rousseau, Peter - National Bureau of Economic Research (NBER) - 2010

The rapid growth of deposits in New York City over the three decades following the Civil War is often attributed to the release of pent-up demand for the services that transactions accounts could provide. I advance a complementary explanation that centers on the existence of an increasingly...

Persistent link: https://www.econbiz.de/10008615784

Can Tight and Centralized Financial Regulation Prevent Financial Crises? Czech Government Bond Seignorage in the Historical Perspective

Otáhal, Tomáš; Rybacek, Vaclav - Provozně ekonomická fakulta, Mendelova Univerzita v Brnĕ - 2011

Can tight and centralized financial regulation prevent financial crises? Governments usually respond to financial crises with tightening and centralizing financial regulation. In this paper, we explore the historical parallels between the governmental responses to the financial crises at the end...

Persistent link: https://www.econbiz.de/10009318237

"The Continental Dollar: How the American Revolution was Financed with Paper Money—Chapter 3 Initial Design and Idea Performance"

Grubb, Farley - Department of Economics, Lerner College of Business and … - 2013

The purpose of Chapter 3 is to convince the reader that the Continental dollar was a zero-interest bearer bond and not a fiat currency—thereby overturning 230 years of scholarly interpretation; to show that the public and leading Americans knew and acted on this fact, and to illustrate the...

Persistent link: https://www.econbiz.de/10010815440

American Banking and the Transportation Revolution Before the Civil War

Atack, Jeremy; Rousseau, Peter; Jaremski, Matthew S. - National Bureau of Economic Research (NBER) - 2014

Studies have shown a connection between finance and growth, but most do not consider how financial and real factors interact to put a virtuous cycle of economic development into motion. As the main transportation advance of the 19th century, railroads connected established commercial centers and...

Persistent link: https://www.econbiz.de/10011168698

The Transmission of the Financial Crisis in 1907: An Empirical Investigation

Tallman, Ellis W.; Moen, Jon Roger - Federal Reserve Bank of Cleveland - 2014

on the Panic of 1907, the final severe panic of the National Banking Era (1863-1913). We trace the transmission of the … the two weeks following the suspension. We highlight commonalities between the Panic of 1907 and the fi nancial crisis of …

Persistent link: https://www.econbiz.de/10011114902

Wall Street and Main Street: the macroeconomic consequences of New York bank suspensions, 1866–1914

James, John A.; McAndrews, James; Weiman, David F. - In: Cliometrica, Journal of Historical Economics and … 7 (2013) 2, pp. 99-130

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...

Persistent link: https://www.econbiz.de/10010643038

The Continental Dollar: How the American Revolution was Financed with Paper Money--Initial Design and Ideal Performance

Grubb, Farley - National Bureau of Economic Research (NBER) - 2013

The purpose of this paper is to convince the reader that the Continental dollar was a zero-interest bearer bond and not a fiat currency--thereby overturning 230 years of scholarly interpretation; to show that the public and leading Americans knew and acted on this fact, and to illustrate the...

Persistent link: https://www.econbiz.de/10010950679

Economic Effects of Runs on Early 'Shadow Banks': Trust Companies and the Impact of the Panic of 1907

Hilt, Eric; Frydman, Carola; Zhou, Lily Y. - National Bureau of Economic Research (NBER) - 2012

We use the unique circumstances that led to the Panic of 1907 to analyze its impact on economic activity. The panic was … price of 10.4 percentage points, and performed worse in the years following the panic across a range of outcomes, including … costs, which rose 8.3 percent, relative to mean pre-panic levels. The effect on their investment rate was much greater: it …

Persistent link: https://www.econbiz.de/10010951125

Investment Banks as Corporate Monitors in the Early 20th Century United States

Hilt, Eric; Frydman, Carola - National Bureau of Economic Research (NBER) - 2014

We use the Clayton Antitrust Act of 1914 to study the effect of bankers on corporate boards in facilitating access to external finance. In the early twentieth century, securities underwriters commonly held directorships with American corporations; this was especially true for railroads, which...

Persistent link: https://www.econbiz.de/10010951292