Full Citation

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

Citation Type: Working Paper

Publication Year: 2013

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

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Authors: Jaremski, Matthew S.

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Publication Number: 18789

Institution: National Bureau of Economic Research

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Publisher Location: Cambridge, MA

Data Collections: IPUMS NHGIS

Topics: Labor Force and Occupational Structure

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