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National Banking's Role in U.S. Industrialization, 1850-1900

  • Matthew S. Jaremski

The passage of the National Banking Acts stabilized the existing financial system and encouraged the entry of 729 banks between 1863 and 1866. The national banks not only attracted more deposits than previous state banks, but also concentrated in the area that would eventually become the Manufacturing Belt. Using a new bank census, the paper shows that these changes to the financial system were a major determinant of the geographic distribution of manufacturing. The sudden entry not only resulted in more manufacturing capital and output at the county-level, but also more steam engines and value added at the establishment-level.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 18789.

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Date of creation: Feb 2013
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Publication status: published as Jaremski, Matthew, 2014. "National Banking's Role in U.S. Industrialization, 1850–1900," The Journal of Economic History, Cambridge University Press, vol. 74(01), pages 109-140, March.
Handle: RePEc:nbr:nberwo:18789
Note: DAE
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