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International Trade and the Evolution of the American Capital Market, 1888–1911

Published online by Cambridge University Press:  03 March 2009

William Clark  and
Charlie Turner
William Clark
Affiliation:
The authors are assistant professors in the Division of Economics, University of Oklahoma, Norman, Oklahoma 73019.
Charlie Turner
Affiliation:
The authors are assistant professors in the Division of Economics, University of Oklahoma, Norman, Oklahoma 73019.
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Abstract

We examine the relationship between international trade and regional American credit markets. The evidence presented suggests that foreign payment flows had a significant effect on the level of interest rates in the East North Central, West North Central, Pacific, and Southern regions of the United States.

Type
Papers Presented at the Forty-fourth Annual Meeting of the Economic History Association
Information
The Journal of Economic History , Volume 45 , Issue 2 , June 1985 , pp. 405 - 410
Copyright
Copyright © The Economic History Association 1985

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References

1 Davis, Lance E., “The Investment Market, 1870–1914: The Evolution of a National Market,” this JOURNAL, 25 (09 1965), pp. 355–93;Google ScholarSylla, Richard, “Federal Policy, Banking Market Structure, and Capital Mobilization in the United States, 1863–1913,” this JOURNAL, 29 (12 1969), pp. 657–86;Google ScholarJames, John, “The Development of the National Money Market, 1893–1911,” this JOURNAL, 36 (12 1976), pp. 878–97.Google Scholar

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12 Frequently, and especially in the South, the money shipped out to pay for the exports ended up being held in the form of currency rather than deposits. See Laughlin, J. Laurence, “A National Reserve Association and the Movement of Cotton in the South,” Journal of Political Economy, 20 (02 1912), p. 137.CrossRefGoogle Scholar

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