Free Banking Laws and Barriers to Entry in Banking, 1838–1860
检验了自由银行法是否降低了美国银行业的进入壁垒，发现除纽约外，各州在实施自由银行法后银行服务产出和银行数量并未增加，因此需重新审视自由银行法促进竞争的观点。
The thesis that free banking laws lowered barriers to entry in the U.S. banking industry is tested by examining entry of firms and output of banking services before and after the institution of free banking. The output of banking services and the number of banks remained the same or declined after the institution of free banking, in all states with viable free banking laws except New York. In light of this evidence, the belief that free banking in the antebellum United States increased competition and efficiency of the banking industry by lowering barriers to entry must be reconsidered.