National Banking's Role in U.S. Industrialization, 1850-1900

Matthew Jaremski

No 18789, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The passage of the National Banking Acts stabilized the existing financial system and encouraged the entry of 729 banks between 1863 and 1866. The national banks not only attracted more deposits than previous state banks, but also concentrated in the area that would eventually become the Manufacturing Belt. Using a new bank census, the paper shows that these changes to the financial system were a major determinant of the geographic distribution of manufacturing. The sudden entry not only resulted in more manufacturing capital and output at the county-level, but also more steam engines and value added at the establishment-level.

JEL-codes: G21 N21 O43 (search for similar items in EconPapers)
Date: 2013-02
New Economics Papers: this item is included in nep-cba, nep-geo, nep-his and nep-hme
Note: DAE
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Published as Jaremski, Matthew, 2014. "National Banking's Role in U.S. Industrialization, 1850–1900," The Journal of Economic History, Cambridge University Press, vol. 74(01), pages 109-140, March.

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Journal Article: National Banking's Role in U.S. Industrialization, 1850–1900 (2014)
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