Metropolitan Development, Regional Financial Centers, and the Founding of the Fed in the Lower South
研究了美国南方下部地区在战后因缺乏大都市而成为金融落后地区，直到1880年后亚特兰大和达拉斯等批发中心形成，才促成区域金融网络和美联储城市的设立。
The Lower South remained a financial outlier in postbellum America, partly because it lacked developed metropolises. As focal points of regional economic networks, metropolises spawn externalities necessary for financial intermediaries. This cumulative process was constrained in the Lower South by the plantation system and staple monoculture. Only after 1880 did metropolitan networks form around new wholesale distribution centers, notably Atlanta and Dallas. Unlike coastal ports, these cities mediated more diverse commercial and financial transactions and attracted more correspondent banks. Consequently, Atlanta and Dallas were the most likely Federal Reserve cities in their districts, a view shared by local banks.