IDEAS home Printed from https://ideas.repec.org/p/nbr/nberwo/22652.html
   My bibliography  Save this paper

Two Centuries of Finance and Growth in the United States, 1790-1980

Author

Listed:
  • Howard Bodenhorn

Abstract

Do efficient financial markets and institutions promote economic growth? Have they done so in the past? In this essay, to be included in the Handbook of Finance and Development (edited by Thorsten Beck and Ross Levine), I survey a large and diverse historical literature that explores the connection between finance and growth in US history. The US financial system was important in mobilizing savings, allocating capital, exerting corporate control, and mitigating borrower opportunism. US finance was characterized by a wide variety of intermediaries – commercial banks, savings banks, building and loan associations, mortgage companies, investment banks and securities markets – that emerged to fill specific financial niches, compete with and complement the activities of existing intermediaries. The weight of the evidence is consistent with the interpretation that finance facilitated and encouraged growth. Despite the breadth and diversity of approaches, there remain many potentially fruitful lines of further inquiry.

Suggested Citation

  • Howard Bodenhorn, 2016. "Two Centuries of Finance and Growth in the United States, 1790-1980," NBER Working Papers 22652, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:22652
    Note: DAE
    as

    Download full text from publisher

    File URL: http://www.nber.org/papers/w22652.pdf
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Mark Gertler, 1988. "Financial structure and aggregate economic activity: an overview," Proceedings, Federal Reserve Bank of Cleveland, pages 559-596.
    2. Valerie R. Bencivenga & Bruce D. Smith, 1991. "Financial Intermediation and Endogenous Growth," Review of Economic Studies, Oxford University Press, vol. 58(2), pages 195-209.
    3. Sokoloff, Kenneth L., 1988. "Inventive Activity in Early Industrial America: Evidence From Patent Records, 1790–1846," The Journal of Economic History, Cambridge University Press, vol. 48(04), pages 813-850, December.
    4. Adam B. Ashcraft, 2005. "Are Banks Really Special? New Evidence from the FDIC-Induced Failure of Healthy Banks," American Economic Review, American Economic Association, vol. 95(5), pages 1712-1730, December.
    5. Atack, Jeremy & Jaremski, Matthew & Rousseau, Peter L., 2014. "American Banking and the Transportation Revolution before the Civil War," The Journal of Economic History, Cambridge University Press, vol. 74(04), pages 943-986, December.
    6. Greenwood, Jeremy & Jovanovic, Boyan, 1990. "Financial Development, Growth, and the Distribution of Income," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 1076-1107, October.
    7. Charles W. Calomiris & Carlos D. Ramirez, 1996. "Financing the American Corporation: The Changing Menu of Financial Rela-tionships," NBER Historical Working Papers 0079, National Bureau of Economic Research, Inc.
    8. Olmstead, Alan L., 1975. "Mutual Savings Bank Depositors in New York," Business History Review, Cambridge University Press, vol. 49(03), pages 287-311, September.
    9. James, John A., 1976. "The Development of the National Money Market, 1893-1911," The Journal of Economic History, Cambridge University Press, vol. 36(04), pages 878-897, December.
    10. Olmstead, Alan L., 1974. "New York City Mutual Savings Bank Portfolio Management and Trustee Objectives," The Journal of Economic History, Cambridge University Press, vol. 34(04), pages 815-834, December.
    11. Robert G. King & Ross Levine, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, Oxford University Press, vol. 108(3), pages 717-737.
    12. Freyer, Tony A., 1976. "Negotiable Instruments and the Federal Courts in Antebellum American Business," Business History Review, Cambridge University Press, vol. 50(04), pages 435-455, December.
    13. Atack, Jeremy & Bateman, Fred & Margo, Robert A., 2002. "Part-Year Operation In Nineteenth-Century American Manufacturing: Evidence From The 1870 And 1880 Censuses," The Journal of Economic History, Cambridge University Press, vol. 62(03), pages 792-809, September.
    14. Rothenberg, Winifred B., 1985. "The Emergence of a Capital Market in Rural Massachusetts, 1730–1838," The Journal of Economic History, Cambridge University Press, vol. 45(04), pages 781-808, December.
    15. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June.
    16. Bodenhorn, Howard, 2003. " Short-Term Loans and Long-Term Relationships: Relationship Lending in Early America," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(4), pages 485-505, August.
    17. Rousseau, Peter L. & Sylla, Richard, 2005. "Emerging financial markets and early US growth," Explorations in Economic History, Elsevier, vol. 42(1), pages 1-26, January.
    18. Kroszner, Randall S. & Laeven, Luc & Klingebiel, Daniela, 2007. "Banking crises, financial dependence, and growth," Journal of Financial Economics, Elsevier, vol. 84(1), pages 187-228, April.
    19. Stephan Heblich & Alex Trew, 2015. "Banking and Industrialization," CDMA Working Paper Series 201502, Centre for Dynamic Macroeconomic Analysis, revised 01 Dec 2017.
    20. Bordo, Michael D. & Rousseau, Peter L., 2006. "Legal-political factors and the historical evolution of the finance-growth link," European Review of Economic History, Cambridge University Press, vol. 10(03), pages 421-444, December.
    21. Charles W. Calomiris & R. Glenn Hubbard & James H. Stock, 1986. "The Farm Debt Crisis and Public Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 17(2), pages 441-486.
    22. Alter, George & Goldin, Claudia & Rotella, Elyce, 1994. "The Savings of Ordinary Americans: The Philadelphia Saving Fund Society in the Mid-Nineteenth Century," The Journal of Economic History, Cambridge University Press, vol. 54(04), pages 735-767, December.
    23. Neal, Larry & White, Eugene N., 2012. "The Glass–Steagall Act in historical perspective," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(2), pages 104-113.
    24. J. Tobin, 1958. "Liquidity Preference as Behavior Towards Risk," Review of Economic Studies, Oxford University Press, vol. 25(2), pages 65-86.
    25. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2004. "Does Local Financial Development Matter?," The Quarterly Journal of Economics, Oxford University Press, vol. 119(3), pages 929-969.
    26. Carlos D. Ramirez & Philip A. Shively, 2012. "The Effect of Bank Failures on Economic Activity: Evidence from U.S. States in the Early 20th Century," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44, pages 433-455, March.
    27. White, Eugene Nelson, 1982. "The Political Economy of Banking Regulation, 1864–1933," The Journal of Economic History, Cambridge University Press, vol. 42(01), pages 33-40, March.
    28. Susan Averett & Howard Bodenhorn & Justas Staisiunas, 2003. "Unemployment Risk and Compensating Differential in Late-Nineteenth Century New Jersey Manufacturing," NBER Working Papers 9977, National Bureau of Economic Research, Inc.
    29. Jeremy Atack & Matthew S. Jaremski & Peter L. Rousseau, 2014. "Did Railroads Make Antebellum U.S. Banks More Sound?," NBER Chapters,in: Enterprising America: Businesses, Banks, and Credit Markets in Historical Perspective, pages 149-178 National Bureau of Economic Research, Inc.
    30. Sylla, Richard, 2002. "Financial Systems And Economic Modernization," The Journal of Economic History, Cambridge University Press, vol. 62(02), pages 277-292, June.
    31. Bruce D. Smith & John H. Boyd, 1998. "The evolution of debt and equity markets in economic development," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 12(3), pages 519-560.
    32. Matthew Jaremski & Peter L. Rousseau, 2013. "Banks, Free Banks, And U.S. Economic Growth," Economic Inquiry, Western Economic Association International, vol. 51(2), pages 1603-1621, April.
    33. Rockoff, Hugh T., 1975. "Varieties of Banking and Regional Economic Development in the United States, 1840–1860," The Journal of Economic History, Cambridge University Press, vol. 35(01), pages 160-181, March.
    34. Davis, Lance E., 1960. "The New England Textile Mills and the Capital Markets: A Study of Industrial Borrowing 1840–1860," The Journal of Economic History, Cambridge University Press, vol. 20(01), pages 1-30, March.
    35. Sandra E. Black & Philip E. Strahan, 2002. "Entrepreneurship and Bank Credit Availability," Journal of Finance, American Finance Association, vol. 57(6), pages 2807-2833, December.
    36. Wang, Ta-Chen, 2008. "Banks, Credit Markets, and Early American Development: A Case Study of Entry and Competition," The Journal of Economic History, Cambridge University Press, vol. 68(02), pages 438-461, June.
    37. Greenwood, Jeremy & Smith, Bruce D., 1997. "Financial markets in development, and the development of financial markets," Journal of Economic Dynamics and Control, Elsevier, vol. 21(1), pages 145-181, January.
    38. Raymond W. Goldsmith, 1958. "Financial Intermediaries in the American Economy Since 1900," NBER Books, National Bureau of Economic Research, Inc, number gold58-1, Marzo.
    39. Navin, Thomas R. & Sears, Marian V., 1955. "The Rise of a Market for Industrial Securities, 1887-1902," Business History Review, Cambridge University Press, vol. 29(02), pages 105-138, June.
    40. Sylla, Richard, 1967. "Finance and Capital in the United States, 1850–1900," The Journal of Economic History, Cambridge University Press, vol. 27(04), pages 621-624, December.
    41. Bodenhorn, Howard, 1999. "An Engine of Growth: Real Bills and Schumpeterian Banking in Antebellum New York," Explorations in Economic History, Elsevier, vol. 36(3), pages 278-302, July.
    42. Douglas W. Diamond, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Oxford University Press, vol. 51(3), pages 393-414.
    43. Boyd, John & Smith, Bruce, 1996. "The Coevolution of the Real and Financial Sectors in the Growth Process," World Bank Economic Review, World Bank Group, vol. 10(2), pages 371-396, May.
    44. Olmstead, Alan L., 1972. "Investment Constraints and New York City Mutual Savings Bank Financing of Antebellum Development," The Journal of Economic History, Cambridge University Press, vol. 32(04), pages 811-840, December.
    45. Bernanke, Ben S, 1983. "Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression," American Economic Review, American Economic Association, vol. 73(3), pages 257-276, June.
    46. Sylla, Richard, 1976. "Forgotten Men of Money: Private Bankers in Early U.S. History," The Journal of Economic History, Cambridge University Press, vol. 36(01), pages 173-188, March.
    47. Levine, Ross & Lin, Chen & Xie, Wensi, 2016. "Spare tire? Stock markets, banking crises, and economic recoveries," Journal of Financial Economics, Elsevier, vol. 120(1), pages 81-101.
    48. 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.
    49. Raymond W. Goldsmith, 1958. "The Role of Financial Intermediaries in the Financial Structure of the American Economy," NBER Chapters,in: Financial Intermediaries in the American Economy Since 1900, pages 297-334 National Bureau of Economic Research, Inc.
    50. Cull, Robert & Davis, Lance E. & Lamoreaux, Naomi R. & Rosenthal, Jean-Laurent, 2006. "Historical financing of small- and medium-size enterprises," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 3017-3042, November.
    51. Bodenhorn, Howard, 1997. "Private Banking in Antebellum Virginia: Thomas Branch & Sons of Petersburg," Business History Review, Cambridge University Press, vol. 71(04), pages 513-542, December.
    52. Naomi R. Lamoreaux & Kenneth L. Sokoloff & Dhanoos Sutthiphisal, 2008. "The Reorganization of Inventive Activity in the United States during the Early Twentieth Century," NBER Chapters,in: Understanding Long-Run Economic Growth: Geography, Institutions, and the Knowledge Economy, pages 235-274 National Bureau of Economic Research, Inc.
    53. Rousseau, Peter L & Wachtel, Paul, 1998. "Financial Intermediation and Economic Performance: Historical Evidence from Five Industrialized Countries," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(4), pages 657-678, November.
    54. Goldin, Claudia & Rockoff, Hugh (ed.), 1992. "Strategic Factors in Nineteenth Century American Economic History," National Bureau of Economic Research Books, University of Chicago Press, number 9780226301129, March.
    55. Dora L. Costa & Naomi R. Lamoreaux, 2011. "Understanding Long-Run Economic Growth: Geography, Institutions, and the Knowledge Economy," NBER Books, National Bureau of Economic Research, Inc, number cost10-1, Marzo.
    56. Claudia Goldin & Hugh Rockoff, 1992. "Introduction to "Strategic Factors in Nineteenth Century American Economic History: A Volume to Honor Robert W. Fogel"," NBER Chapters,in: Strategic Factors in Nineteenth Century American Economic History: A Volume to Honor Robert W. Fogel, pages 1-8 National Bureau of Economic Research, Inc.
    57. Beck, Thorsten & Demirguc-Kunt, Asli, 2006. "Small and medium-size enterprises: Access to finance as a growth constraint," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 2931-2943, November.
    58. Claudia Goldin & Hugh Rockoff, 1992. "Strategic Factors in Nineteenth Century American Economic History: A Volume to Honor Robert W. Fogel," NBER Books, National Bureau of Economic Research, Inc, number gold92-1, Marzo.
    59. Diamond, Douglas W, 1991. "Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt," Journal of Political Economy, University of Chicago Press, vol. 99(4), pages 689-721, August.
    60. Rajeev Dehejia & Adriana Lleras-Muney, 2007. "Financial Development and Pathways of Growth: State Branching and Deposit Insurance Laws in the United States, 1900–1940," Journal of Law and Economics, University of Chicago Press, vol. 50, pages 239-272.
    61. Puri, Manju, 1994. "The long-term default performance of bank underwritten security issues," Journal of Banking & Finance, Elsevier, vol. 18(2), pages 397-418, January.
    62. Wang, Ta-Chen, 2008. "Paying back to borrow more: Reputation and bank credit access in early America," Explorations in Economic History, Elsevier, vol. 45(4), pages 477-488, September.
    63. Sokoloff, Kenneth L., 1984. "Investment in Fixed and Working Capital During Early Industrialization: Evidence from U. S. Manufacturing Firms," The Journal of Economic History, Cambridge University Press, vol. 44(02), pages 545-556, June.
    64. Snowden, Kenneth A., 1988. "Mortgage Lending and American Urbanization, 1880–1890," The Journal of Economic History, Cambridge University Press, vol. 48(02), pages 273-285, June.
    65. White, Eugene Nelson, 1986. "Before the Glass-Steagall Act: An analysis of the investment banking activities of national banks," Explorations in Economic History, Elsevier, vol. 23(1), pages 33-55, January.
    66. Kroszner, Randall S & Rajan, Raghuram G, 1994. "Is the Glass-Steagall Act Justified? A Study of the U.S. Experience with Universal Banking before 1933," American Economic Review, American Economic Association, vol. 84(4), pages 810-832, September.
    67. Gilles Postel-Vinay & Philip T. Hoffman & Jean-Laurent Rosenthal, 2007. "Surviving large losses: financial crises, the middle class, and the development of capital markets," Post-Print halshs-00826238, HAL.
    68. Neal, Larry, 1971. "Trust Companies and Financial Innovation, 1897–1914," Business History Review, Cambridge University Press, vol. 45(01), pages 35-51, March.
    69. Curry, Timothy J. & Fissel, Gary S. & Ramirez, Carlos D., 2008. "The impact of bank supervision on loan growth," The North American Journal of Economics and Finance, Elsevier, vol. 19(2), pages 113-134, August.
    70. Cole, Rebel A. & Moshirian, Fariborz & Wu, Qiongbing, 2008. "Bank stock returns and economic growth," Journal of Banking & Finance, Elsevier, vol. 32(6), pages 995-1007, June.
    71. Sylla, Richard, 1969. "Federal Policy, Banking Market Structure, and Capital Mobilization in the United States, 1863–1913," The Journal of Economic History, Cambridge University Press, vol. 29(04), pages 657-686, December.
    72. King, Robert G. & Levine, Ross, 1993. "Finance, entrepreneurship and growth: Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 513-542, December.
    73. Davis,Lance E. & Gallman,Robert E., 2001. "Evolving Financial Markets and International Capital Flows," Cambridge Books, Cambridge University Press, number 9780521553520.
    74. Phillips, Ronnie J. & Cutler, Harvey, 1998. "Domestic Exchange Rates and Regional Economic Growth in the United States, 1899–1908: Evidence from Cointegration Analysis," The Journal of Economic History, Cambridge University Press, vol. 58(04), pages 1010-1026, December.
    75. Davis, Lance Edwin & Payne, Peter Lester, 1958. "From Benevolence to Business: The Story of Two Savings Banks," Business History Review, Cambridge University Press, vol. 32(04), pages 386-406, December.
    76. De Gregorio, Jose & Guidotti, Pablo E., 1995. "Financial development and economic growth," World Development, Elsevier, vol. 23(3), pages 433-448, March.
    77. David, Paul A., 1967. "The Growth of Real Product in the United States Before 1840: New Evidence, Controlled Conjectures," The Journal of Economic History, Cambridge University Press, vol. 27(02), pages 151-197, June.
    78. Rockoff, Hugh, 1974. "The Free Banking Era: A Reexamination," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 6(2), pages 141-167, May.
    79. Wadhwani, R. Daniel, 2004. "Citizen Savers: Family Economy, Financial Institutions, and Public Policy in the Nineteenth-Century Northeast," Enterprise & Society, Cambridge University Press, vol. 5(04), pages 617-624, December.
    80. Goldin, Claudia, 2001. "The Human-Capital Century And American Leadership: Virtues Of The Past," The Journal of Economic History, Cambridge University Press, vol. 61(02), pages 263-292, June.
    81. Kenneth Snowden, 1995. "The Evolution of Interregional Mortgage Lending Channels, 1870-1940: The Life Insurance-Mortgage Company Connection," NBER Chapters,in: Coordination and Information: Historical Perspectives on the Organization of Enterprise, pages 209-256 National Bureau of Economic Research, Inc.
    82. Lamoreaux, Naomi R., 1986. "Banks, Kinship, and Economic Development: The New England Case," The Journal of Economic History, Cambridge University Press, vol. 46(03), pages 647-667, September.
    83. White, Eugene N, 1990. "The Stock Market Boom and Crash of 1929 Revisited," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 67-83, Spring.
    84. Bodenhorn, Howard, 2007. "Usury ceilings and bank lending behavior: Evidence from nineteenth century New York," Explorations in Economic History, Elsevier, vol. 44(2), pages 179-202, April.
    85. Lance Davis, 1966. "The Capital Markets and Industrial Concentration: The U.S. and U.K., a Comparative Study," Economic History Review, Economic History Society, vol. 19(2), pages 255-272, August.
    86. Pang, Jiaren & Wu, Haibin, 2009. "Financial markets, financial dependence, and the allocation of capital," Journal of Banking & Finance, Elsevier, vol. 33(5), pages 810-818, May.
    87. Beveridge, Andrew A., 1985. "Local Lending Practice: Borrowers in a Small Northeastern Industrial City, 1832–1915," The Journal of Economic History, Cambridge University Press, vol. 45(02), pages 393-403, June.
    88. Carola Frydman & Eric Hilt, 2014. "Investment Banks as Corporate Monitors in the Early 20th Century United States," NBER Working Papers 20544, National Bureau of Economic Research, Inc.
    89. Kotaro Tsuru, 2000. "Finance and Growth: Some Theoretical Considerations and a Review of the Empirical Literature," OECD Economics Department Working Papers 228, OECD Publishing.
    90. Davis, Lance Edwin, 1958. "Stock Ownership in the Early New England Textile Industry," Business History Review, Cambridge University Press, vol. 32(02), pages 204-222, June.
    91. Pollard, Sidney, 1964. "Fixed Capital in the Industrial Revolution in Britain," The Journal of Economic History, Cambridge University Press, vol. 24(03), pages 299-314, September.
    92. Eichengreen, Barry, 1984. "Mortgage Interest Rates in the Populist Era," American Economic Review, American Economic Association, vol. 74(5), pages 995-1015, December.
    93. Snowden, Kenneth A., 1987. "Mortgage Rates and American Capital Market Development in the Late Nineteenth Century," The Journal of Economic History, Cambridge University Press, vol. 47(03), pages 671-691, September.
    94. George J. Stigler, 1967. "Imperfections in the Capital Market," Journal of Political Economy, University of Chicago Press, vol. 75, pages 287-287.
    95. Bodenhorn, Howard, 1992. "Capital Mobility and Financial Integration in Antebellum America," The Journal of Economic History, Cambridge University Press, vol. 52(03), pages 585-610, September.
    96. Snowden, Kenneth A, 1997. "Building and loan associations in the U.S., 1880-1893: the origins of localization in the residential mortgage market," Research in Economics, Elsevier, vol. 51(3), pages 227-250, September.
    97. Campen, James T. & Mayhew, Anne, 1988. "The National Banking System and Southern Economic Growth: Evidence from One Southern City, 1870–1900," The Journal of Economic History, Cambridge University Press, vol. 48(01), pages 127-137, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Giorgio Fagiolo & Daniele Giachini & Andrea Roventini, 2017. "Innovation, Finance, and Economic Growth: An Agent-Based Approach," LEM Papers Series 2017/30, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    2. Howard Bodenhorn, 2017. "Finance and Growth: Household Savings, Public Investment, and Public Health in Late Nineteenth-Century New Jersey," NBER Working Papers 23430, National Bureau of Economic Research, Inc.
    3. Emmanuel Carré & Guillaume L'Oeillet, 2018. "The Literature on the Finance–Growth Nexus in the Aftermath of the Financial Crisis: A Review," Post-Print halshs-01746069, HAL.
    4. repec:pal:compes:v:60:y:2018:i:1:d:10.1057_s41294-018-0056-6 is not listed on IDEAS
    5. Giorgio Fagiolo & Daniele Giachini & Andrea Roventini, 2017. "Innovation, Finance, and Economic Growth : an agent-based model," Sciences Po publications info:hdl:2441/1fai9i49vu8, Sciences Po.

    More about this item

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • N2 - Economic History - - Financial Markets and Institutions

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:22652. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (). General contact details of provider: http://edirc.repec.org/data/nberrus.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.