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Institutions, Financial Development, And Pathways Of Growth: The United States From 1900 To 1940

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Author Info
Rajeev Dehejia (Columbia University)
Adriana Lleras-Muney (Princeton University)

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Abstract

There is a substantial literature arguing that financial development contributes to economic growth. In this paper, we contribute to this literature by examining the effect of state-level banking regulation on financial development and economic growth in the United States from 1900 to 1940. Specifically, we make three contributions. First, drawing on the banking history literature, we carefully control for factors that could confound a causal interpretation of the effect of financial development on growth. Second, drawing on available data for this period, we examine the pathways through which financial development can affect growth; in particular, we examine the impact of these banking regulations on a range of farm, manufacturing, and human capital outcomes. Third, we document that not all forms of financial development have a positive effect on economic growth. In particular indiscriminate lending can negatively impact economic growth.

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Publisher Info
Paper provided by Princeton University, Woodrow Wilson School of Public and International Affairs, Center for Health and Wellbeing. in its series Working Papers with number 258.

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Date of creation: Dec 2002
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Handle: RePEc:pri:cheawb:258

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Find related papers by JEL classification:
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
J82 - Labor and Demographic Economics - - Labor Standards - - - Labor Force Composition
N1 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations
N2 - Economic History - - Financial Markets and Institutions
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment

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