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Branch Banking Restrictions and Finance Constraints in Early-Twentieth-Century America

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  • GIEDEMAN, DANIEL C.

Abstract

This article studies the effects of branch banking restrictions on American firm investment and growth. Authors have suggested that the lack of widespread branching bank networks hindered the development of large-scale industrial firms. This article presents a model that implies that restrictions on branch banking cause the severity of external finance constraints to increase with firm size. This hypothesis is tested using a panel data set of over 250 firms for 1911 1922. Investment and growth sensitivities are significantly higher for large firms than for smaller firms, suggesting that branch banking restrictions hindered the expansion of large-scale firms.

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Bibliographic Info

Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 65 (2005)
Issue (Month): 01 (March)
Pages: 129-151

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Handle: RePEc:cup:jechis:v:65:y:2005:i:01:p:129-151_05

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Cited by:
  1. Charles W. Calomiris & Stephen H. Haber, 2014. "Interest Groups and the Glass-Steagall Act," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 11(4), pages 14-18, 01.
  2. Huang, Rocco, 2007. "Evaluating the real effect of bank branching deregulation: comparing contiguous counties across U.S. state borders," Working Paper Series 0788, European Central Bank.
  3. Kris James Mitchener & David C. Wheelock, 2010. "Does the Structure of Banking Markets Affect Economic Growth? Evidence from U.S. State Banking Markets," NBER Working Papers 15710, National Bureau of Economic Research, Inc.

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