Mortgage Lending and American Urbanization, 1880–1890
研究了1880年代美国城市增长的空间模式与抵押贷款市场的关系，发现资本市场分割阻碍了西部小城市的城市化进程，而东部的高利贷上限部分抵消了这种分割对借款人的初始优势。
The connection between the spatial pattern of the urban growth spurt of the 1880s and the mortgage market is an aspect of the familiar capital market segmentation hypothesis that has received little attention. Although mortgage lending expanded most rapidly in the smaller western cities during the decade, I conclude that an underlying pattern of segmentation impeded urbanization in these areas at least until 1890. The initial advantage that segmentation conferred on borrowers in the East was reduced to some extent by binding usury ceilings along the Atlantic seaboard.