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The Capital Market in the 1850s

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Hugh Rockoff

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Abstract

This paper brings together data from a variety of sources to create a portrait of net rates of return to capital in banking in the 1850s. The primary purpose is to provide estimates comparable to those developed by Lance Davis and many subsequent researchers for the post-bellum period. The conclusion that emerges is that the capital market in the developed regions of the U.S. was fairly well integrated in the 1850s, and that part of the wide divergence in rates observed in the 1870s was due to the disruptions caused by the Civil War.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Historical Working Papers with number 0011.

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Date of creation: Dec 1990
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Handle: RePEc:nbr:nberhi:0011

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