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The Capital Market in the 1850s

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  • Hugh Rockoff

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.

Suggested Citation

  • Hugh Rockoff, 1990. "The Capital Market in the 1850s," NBER Historical Working Papers 0011, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberhi:0011
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    File URL: http://www.nber.org/papers/h0011.pdf
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    Cited by:

    1. Gorton, Gary, 1999. "Pricing free bank notes," Journal of Monetary Economics, Elsevier, vol. 44(1), pages 33-64, August.
    2. Naomi R. Lamoreaux, 1991. "Information Problems and Banks' Specialization in Short-Term Commercial Lending: New England in the Nineteenth Century," NBER Chapters, in: Inside the Business Enterprise: Historical Perspectives on the Use of Information, pages 161-204, National Bureau of Economic Research, Inc.

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