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Did Inequality in Farm Sizes Lead to Suppression of Banking and Credit in the Late Nineteenth Century?

Author

Listed:
  • Matthew S. Jaremski
  • Price V. Fishback

Abstract

This paper creates a new database that covers all banks in the United States in the census years between 1870 and 1900 to test the interaction between inequality and financial development when the banking system was starting over from scratch. A fixed-effects panel regression shows that the number of banks per thousand people in the South has a strong positive relationship with the size of farm operations. This suggests that large Southern farm operators welcomed new banks after the Civil War. When the analysis is extended into the 1900s, the relationship becomes more negative, as bankers may have tried to block entrants.

Suggested Citation

  • Matthew S. Jaremski & Price V. Fishback, 2017. "Did Inequality in Farm Sizes Lead to Suppression of Banking and Credit in the Late Nineteenth Century?," NBER Working Papers 23348, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:23348
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    Cited by:

    1. Barry Eichengreen & Michael R. Haines & Matthew S. Jaremski & David Leblang, 2017. "Populists at the Polls: Economic Factors in the 1896 Presidential Election," NBER Working Papers 23932, National Bureau of Economic Research, Inc.
    2. Jaremski, Matthew & Wheelock, David C., 2017. "Banking on the Boom, Tripped by the Bust: Banks and the World War I Agricultural Price Shock," Working Papers 2017-36, Federal Reserve Bank of St. Louis.

    More about this item

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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