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.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Publisher Info
Paper provided by University of Hawaii at Manoa, Department of Economics in its series Working Papers with number
199316.