Mortgage Rates and American Capital Market Development in the Late Nineteenth Century
研究了19世纪末美国各地区抵押贷款利率差异的原因，发现除了贷款风险外，资金跨市场转移成本和区域溢价也起重要作用，表明资本市场存在分割，并可能影响城市化与农业发展。
Substantial regional differentials in mortgage rates persisted throughout the postbellum period. I find that these differentials reflected not only variations in lending risk, but also the costs incurred in transferring funds between markets and unexplained regional premia. The results are consistent with the traditional interpretation that capital markets were at least partially segmented throughout the late nineteenth century. The effects on home and farm mortgage rates in the South and West were substantial and suggest that market segmentation could have had a substantial impact on the regional pattern of urbanization as well as agricultural development.