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The Integration of Regional and Interregional Capital Markets: Evidence from the Pacific Coast, 1883–1913

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  • Odell, Kerry A.
Abstract
The literature on national capital market integration in nineteenth-century America has overlooked the role of markets at a regional level. Such markets were important in reducing the possible burden of isolation by efficiently recycling local savings, and in promoting eventual integration into a national financial market. This article presents evidence that a commercial market centered on San Francisco extended into the Pacific Coast states and formed the basis for a regional financial market. The degree of market integration is measured through tests of interest rate covariability and convergence.

Suggested Citation

  • Odell, Kerry A., 1989. "The Integration of Regional and Interregional Capital Markets: Evidence from the Pacific Coast, 1883–1913," The Journal of Economic History, Cambridge University Press, vol. 49(2), pages 297-310, June.
    • Handle: RePEc:cup:jechis:v:49:y:1989:i:02:p:297-310_00
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    Cited by:

    1. Charles W. Calomiris & Mark A. Carlson, 2014. "National Bank Examinations and Operations in the Early 1890s," Finance and Economics Discussion Series 2014-19, Board of Governors of the Federal Reserve System (U.S.).
    2. Mary Eschelbach Hansen, 2014. "Sources of Credit and the Extent of the Credit Market: A View from Bankruptcy Records, Mississippi 1929-1936," Working Papers 2014-09, American University, Department of Economics.
    3. Howard Bodenhorn, 2016. "Two Centuries of Finance and Growth in the United States, 1790-1980," Working Papers id:11352, eSocialSciences.
    4. Carlson, Mark, 2005. "Causes of bank suspensions in the panic of 1893," Explorations in Economic History, Elsevier, vol. 42(1), pages 56-80, January.
    5. Richard W. England, 2010. "Ricardo, Gold, and Rails: Discovering the Origins of Progress and Poverty," American Journal of Economics and Sociology, Wiley Blackwell, vol. 69(4), pages 1279-1293, October.

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