TY  - JOUR
AU  - Rockoff,Hugh
TI  - The Capital Market in the 1850s
JF  - National Bureau of Economic Research Historical Working Paper Series
VL  - No. 11
PY  - 1990
Y2  - December 1990
UR  - http://www.nber.org/papers/h0011
L1  - http://www.nber.org/papers/h0011.pdf
N1  - Author contact info:
Hugh Rockoff
Department of Economics
75 Hamilton Street
Rutgers University
College Avenue Campus
New Brunswick, NJ  08901-1248
Tel: 609/897-0117
Fax: 732/932-7416
E-Mail: rockoff@fas-econ.rutgers.edu
AB  - 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.
ER  -