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Monetization and Growth in Colonial New England, 1703-1749

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  • Peter L. Rousseau
  • Caleb Stroup

Abstract

We examine econometrically the real effects of paper money's introduction into colonial New England over the 1703-1749 period. Departing from earlier analyses that focus primarily on the depreciation of paper money in the region, we show that expansion of the money stock promoted growth in modern sector activity and not the other way around. We also find that bills emitted for seigniorage purposes had a positive effect on the modern sector, while bills issued through loan banks did not.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 16190.

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Date of creation: Jul 2010
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Publication status: published as Rousseau, Peter L. & Stroup, Caleb, 2011. "Monetization and growth in colonial New England, 1703–1749," Explorations in Economic History, Elsevier, vol. 48(4), pages 600-613.
Handle: RePEc:nbr:nberwo:16190

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Cited by:
  1. Farley Grubb, 2014. "Colonial New Jersey's Paper Money Regime, 1709-1775: A Forensic Accounting Reconstruction of the Data," Working Papers, University of Delaware, Department of Economics 14-05, University of Delaware, Department of Economics.
  2. Farley Grubb, 2014. "A New Approach to Explaining the Value of Colonial Paper Money: Evidence from New Jersey, 1709-1775," Working Papers, University of Delaware, Department of Economics 14-08, University of Delaware, Department of Economics.
  3. Farley Grubb, 2014. "A New Approach to Solving the Colonial Monetary Puzzle: Evidence from New Jersey, 1709-1775," NBER Working Papers 19903, National Bureau of Economic Research, Inc.

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