Why was America's First Bank Aborted?
研究了1688年马萨诸塞首家银行在即将运营时神秘夭折的原因，提出新解释：新总督否定所有土地产权导致银行票据失去抵押基础，凸显清晰产权对金融制度的关键作用。
In 1686 the leadership of Massachusetts became involved in the first operational bank scheme in America. In 1688 this note-issuing bank was mysteriously aborted at an advanced stage. I suggest a new, simple explanation for the bank's demise. The bank's notes were supposed to be backed mostly by private land in Massachusetts, but a new royal governor invalidated all the land titles. This episode demonstrates the importance of clearly defined and enforced property rights for the development of financial institutions. “After showing him an Indian deed for land, he said that their hand was no more worth than a scratch with a bear's paw, undervaluing all my titles, though everyway legal under our former charter government.” 1 Joseph Lynde