Banking Struture and the National Capital Market, 1869–1914
研究了美国全国资本市场形成后，地区利率差异为何存在并趋于缩小，以及内战后银行行为的变化模式，发现市场早在1870年代就已建立，利率差异源于企业贷款需求对利率敏感度的变化。
We examine (1) why, when a national capital market developed in the United States, regional interest rate differentials existed and seemed to narrow toward 1900, and (2) the changing patterns of banking behavior in the post-Civil War period. We show that a national capital market was established early (1870s), and regional rate differentials were a response to variations and changes in the interest sensitivity of business loan demand. Bank structure was characterized by monopoly, but it declined because of increasing sophistication of business financing decisions, which became more sensitive to open market rates (in particular the stock market) and to loan rates themselves.