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- Title
BANKS, FREE BANKS, AND U.S. ECONOMIC GROWTH.
- Authors
JAREMSKI, MATTHEW; ROUSSEAU, PETER L.
- Abstract
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 free banks had little or no effect on growth. The result is not just a symptom of the era, as state-chartered banks seem to have strong and positive effects on manufacturing and urbanization. ( JEL G21, N21, O43)
- Subjects
UNITED States; FREE banking; ECONOMIC development; BANKING industry; STATE banks; URBANIZATION; UNITED States manufacturing industries; HISTORY
- Publication
Economic Inquiry, 2013, Vol 51, Issue 2, p1603
- ISSN
0095-2583
- Publication type
Article
- DOI
10.1111/j.1465-7295.2012.00495.x