Financial Integration in Antebellum America: Strengthening Bodenhorn's Results

Sumner La Croix and Christopher Grandy

No 199316, Working Papers from University of Hawaii at Manoa, Department of Economics

Abstract: Howard Bodenhorn has argued that U.S. financial markets prior to the Civil War were integrated. This finding challenges some of the conventional wisdom about the history of U.S. capital markets. A re-examination of Bodenhorn's work reveals flaws in his methodology that casts doubt on his results. Yet after addressing these weaknesses and offering an alternative analysis of his data, we find that Bodenhorn's essential result is confirmed: capital markets do appear integrated in the antebellum period.

Pages: 14 pages
Date: 1993
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Journal Article: Financial Integration in Antebellum America: Strengthening Bodenhorn's Results (1993)
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