National Banking's Role in U.S. Industrialization, 1850–1900
研究1863-1866年《国家银行法》通过后新设银行对美国制造业地理分布和资本深化的影响，发现银行进入显著增加了县级制造业资本和产出，以及企业层面的蒸汽机使用和增加值。
The passage of the National Banking Acts stabilized the existing financial system and encouraged the entry of 729 banks between 1863 and 1866. These new banks concentrated in the area that would eventually become the Manufacturing Belt. Using a new bank census, the article shows that these changes to the financial system were a major determinant of the geographic distribution of manufacturing and the nation's sudden capital deepening. The entry not only resulted in more manufacturing capital and output at the county level, but also more steam engines and value added at the establishment level.