000			02715cam a22003497 4500
001			w15997
003			NBER
005			20211020111206.0
006			m o d
007			cr cnu||||||||
008			210910s2010 mau fo 000 0 eng d
100	1		_aBodenhorn, Howard. _96469
245	1	0	_aFinancial Development and City Growth: _bEvidence from Northeastern American Cities, 1790-1870 / _cHoward Bodenhorn, David Cuberes.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2010.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w15997
500			_aMay 2010.
520	3		_aIn this paper we argue that in 19th century U.S, households and firms that were located in cities with banks enjoyed a higher level of both consumption and production amenities than those who were located in cities without banks. We use data on banks location and city population growth in the Northeastern United States in 1830-1870 and document a positive and strong correlation between financial development and subsequent population growth. The correlation is robust to controls for geographical characteristics of the city, the percentage of population working in different sectors, and its initial population. Propensity score matching estimators that compare similar cities in terms of observables also yield a positive association between finance and urban growth. Our estimates suggest that the presence of a bank at a given location in the late 1830s is associated with increases its population growth in the 1840s by one to one and a half percentage points per year. Because urban growth was correlated with economic development in the nineteenth-century U.S, we believe our results provide further support for the finance-growth nexus.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aN11 - U.S. • Canada: Pre-1913 _2Journal of Economic Literature class.
690		7	_aN90 - General, International, or Comparative _2Journal of Economic Literature class.
690		7	_aR11 - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes _2Journal of Economic Literature class.
700	1		_aCuberes, David.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w15997.
856	4	0	_uhttps://www.nber.org/papers/w15997
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w15997
942			_2ddc _cW-PAPER
999			_c332126 _d290688