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Emerging Financial Markets and Early U.S. Growth
(Vanderbilt University, 2000)
Studies of early U.S. growth traditionally have emphasized real-sector explanations for an acceleration that by many accounts became detectable between 1815 and 1840. Interestingly, the establishment of the nation's basic ...
Jacksonian Monetary Policy Specie Flows and the Panic of 1837
(Vanderbilt University, 2000)
The Panic of 1837 stands among the most severe banking crises in U.S. history, marking the start of a business downturn from which the nation would not recover for six years. Given the serious consequences of the panic for ...
Technology and the Stock Market: 1885-1998
(Vanderbilt University, 2000)
Using 114 years of U.S. stock market data we try to relate movements in stock prices to changes in technology. We find Measures of technological progress explain 37% of the 3.9% annual growth in the stock market over the ...
Post-Independence India: A Case of Finance-Led Industrialization?
(Vanderbilt University, 2000)
This paper examines whether financial intermediaries have played a leading role in influencing India's economic performance. After describing the evolution and functions of the financial sector, we construct a set of vector ...