The evolution of financial intermediation: Evidence from 19th‐century Ontario microdata
分析了1892年和1902年安大略省逝者的微观数据，发现存款银行的扩张主要发生在广度而非深度，与银行分支网络扩张相关，财富和城市化有助解释增长，但1902年虚拟变量的显著性表明存在其他时间相关因素。
Abstract Microdata for Ontario decedents in 1892 and 1902 is analyzed to help explain the dramatic growth of the Canadian banking system in the late 19th century. Combining data from probate inventories with census data at the township level, we find that the expansion of deposit banking happened at the extensive rather than intensive margin and was correlated with the expansion of the branch network of the banking system, although we cannot assign causation. Wealth and urbanization help to explain the growth of deposit banking but the significance of a dummy variable for 1902 points to other time‐correlated factors such as innovations in transportation and financial innovations that lowered costs and facilitated access to banking services.