How Important Are Banks for Development? National Banks in the United States, 1870–1900

@article{Fulford2015HowIA,
  title={How Important Are Banks for Development? National Banks in the United States, 1870–1900},
  author={Scott L. Fulford},
  journal={Review of Economics and Statistics},
  year={2015},
  volume={97},
  pages={921-938}
}
Do banks matter for growth, and if so, how? This paper examines the effects of national banks in the United States from 1870 to 1900. I use the discontinuity in entry caused by a large minimum size requirement to identify the effects of banking. For the counties on the margin between getting a bank and not, gaining a bank increased production per person by 10%. National banks in rural areas improved agriculture over manufacturing, moving counties toward geographic comparative advantage. Since… CONTINUE READING
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