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Financial Integration in Antebellum America: Strengthening Bodenhorn's Results

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  • Sumner J. La Croix

    (Department of Economics, University of Hawaii at Manoa)

  • Christopher Grandy

Abstract

Howard Bodenhorn has argued that U.S. financial markets prior to the Civil War were integrated. This finding challenges some of the conventional wisdom about the history of U.S. capital markets. A re-examination of Bodenhorn's work reveals flaws in his methodology that casts doubt on his results. Yet after addressing these weaknesses and offering an alternative analysis of his data, we find that Bodenhorn's essential result is confirmed: capital markets do appear integrated in the antebellum period.

Suggested Citation

  • Sumner J. La Croix & Christopher Grandy, 1993. "Financial Integration in Antebellum America: Strengthening Bodenhorn's Results," Working Papers 199316, University of Hawaii at Manoa, Department of Economics.
    • Handle: RePEc:hai:wpaper:199316
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    File URL: http://www.economics.hawaii.edu/research/workingpapers/88-98/WP_93-16.pdf
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    Cited by:

    1. Donald F. Vitaliano, 2024. "Asymmetric information and capital mobility in antebellum America," American Journal of Economics and Sociology, Wiley Blackwell, vol. 83(2), pages 393-406, March.
    2. Grossman, Richard S. & Imai, Masami, 2008. "The evolution of a national banking market in pre-war Japan," Explorations in Economic History, Elsevier, vol. 45(1), pages 17-29, January.
    3. Santos, Joseph, 2003. "Commodity futures contracts: Furnishing an elastic currency in the nineteenth century," Journal of Macroeconomics, Elsevier, vol. 25(4), pages 561-578, December.
    4. Kyongwook Choi & Brandon Dupont, 2007. "Revisiting structural change and market integration in late 19th century American capital markets," Applied Economics, Taylor & Francis Journals, vol. 39(21), pages 2733-2741.

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