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Banking on railroads: The effect of market access on banking provision during the Gilded Age

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  • Jeff Chan

Abstract

I examine the effect that market access, induced by the railroad network expansion, had on banking provision in nineteenth‐century America. I find that market access increased the number of national banks. This effect operated via the extensive margin, with market access increasing the probability of having a national bank for affected counties. I find that counties had more national bank activity, with increased assets, loans, deposits, and other outcomes. I do not, however, find any effect of market access on banks already in operation. Market access therefore increased banking provision chiefly through the increased entry of national banks.

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  • Jeff Chan, 2025. "Banking on railroads: The effect of market access on banking provision during the Gilded Age," Economic History Review, Economic History Society, vol. 78(3), pages 776-801, August.
    • Handle: RePEc:bla:ehsrev:v:78:y:2025:i:3:p:776-801
    DOI: 10.1111/ehr.13372
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