Capital Mobility and Financial Integration in Antebellum America
报告了美国内战前多个地区的利率数据，发现内战前信贷市场比内战后更加一体化，挑战了以往认为美国直到20世纪初才形成统一短期资本市场的观点。
Studies of postbellum financial markets have shown that the United States was not served by an integrated short-term capital market until the turn of the twentieth century. Until recently the data necessary for the study of a similar phenomenon in the antebellum period have not been available. This article reports several new regional interest rate series for the antebellum era that show that antebellum credit markets were more integrated than postbellum markets.