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Title: Banks, Free Banks, and U.S. Economic Growth

Citation Type: Working Paper

Publication Year: 2012

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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.

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Authors: Rousseau, Peter L.; Jaremski, Matthew

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Publication Number: 18021

Institution: National Bureau of Economic Research

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Publisher Location: Cambridge, MA

Data Collections: IPUMS NHGIS

Topics: Other

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