The Integration of Regional and Interregional Capital Markets: Evidence from the Pacific Coast, 1883–1913
Kerry A. Odell
The Journal of Economic History, 1989, vol. 49, issue 2, 297-310
Abstract:
The literature on national capital market integration in nineteenth-century America has overlooked the role of markets at a regional level. Such markets were important in reducing the possible burden of isolation by efficiently recycling local savings, and in promoting eventual integration into a national financial market. This article presents evidence that a commercial market centered on San Francisco extended into the Pacific Coast states and formed the basis for a regional financial market. The degree of market integration is measured through tests of interest rate covariability and convergence.
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jechis:v:49:y:1989:i:02:p:297-310_00
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