State Banks and the National Banking Acts: Measuring the Response to Increased Financial Regulation, 1860–1870
研究了1863至1870年间《国民银行法》导致263家州银行关闭和934家银行转换特许状的现象，发现资本要求阻碍了转换，而纸币税是关闭的主因，且新银行未能填补空缺，反而在制造业带新兴地区由票据和证券经纪人开设。
The National Banking Acts and their supporting legislation led to 263 state bank closures and 934 charter conversions between 1863 and 1870. This paper measures and analyzes these sudden changes using the period's first complete bank‐level census. The data suggest that the national capital requirements prevented many existing banks from converting to a national charter, whereas a tax on state bank notes was responsible for the large number of closures. The legislation also prevented new national banks from replacing closed state banks and, instead, encouraged note and security brokers to open new banks in developing areas along the Manufacturing Belt.