| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w22652
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| 来源ID | Working Paper 22652
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| Two Centuries of Finance and Growth in the United States, 1790-1980 |
| Howard Bodenhorn
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| 发表日期 | 2016-09-19
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| 出版年 | 2016
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| 语种 | 英语
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| 摘要 | 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. |
| 主题 | Financial Economics
; Financial Institutions
; History
; Financial History
|
| URL | https://www.nber.org/papers/w22652
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580325
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推荐引用方式
GB/T 7714 |
Howard Bodenhorn. Two Centuries of Finance and Growth in the United States, 1790-1980. 2016.
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文件名：
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w22652.pdf
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格式：
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Adobe PDF
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