| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7448 |
| 来源ID | Working Paper 7448 |
| Emerging Financial Markets and Early U.S. Growth | |
| Peter L. Rousseau; Richard Sylla | |
| 发表日期 | 1999-12-01 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | Studies of early U.S. growth traditionally have emphasized real-sector explanations for an acceleration that by many accounts became detectable between 1815 and 1840. Interestingly, the establishment of the nation's basic financial structure predated by three decades the canals, railroads, and widespread use of water and steam-powered machinery that are thought to have triggered modernization. We argue that this innovative and expanding financial system, by providing debt and equity financing to businesses and governments as new technologies emerged, was central to the nation's early growth and modernization. The analysis includes a set of multivariate time series models that relate measures of banking and equity market activity to measures of investment, imports and business incorporations from 1790 to 1850. The findings offer support for our hypothesis of finance-led' growth in the U.S. case. By implication, the interest today in improving financial systems as a means of fostering sustainable growth is not misplaced. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w7448 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564987 |
| 推荐引用方式 GB/T 7714 | Peter L. Rousseau,Richard Sylla. Emerging Financial Markets and Early U.S. Growth. 1999. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7448.pdf（372KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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