International Society for Quantitative History

QH Webinar Series

Monetizing the Economy: National Banks and Local Economic Development

10:00 | Thursday, September 2, 2021

Zoom Webinar

English

Chenzi Xu

Chenzi Xu

Assistant Professor of Finance , Stanford Graduate School of Business

Architects of building shown: Firm of Mowbray and Uffinger (NYC), Public domain, via Wikimedia Commons

Chenzi Xu of Stanford Graduate School of Business and her co-author examine the role of banks in expanding the traded sector of local economies in the United States in the 19th century. The National Banking Act of 1864 created a new class of better-capitalized banks that issued riskless liabilities that circulated as a more stable transactions medium. The improved liquidity of their liabilities was especially important for long-distance exchange. In order to identify the causal impact of this financial change, they use the regulatory feature that national banks faced capital requirements defined by town population cut-offs. Using the capital requirement discontinuity as an instrument for national bank entry, they find that the composition of agricultural production shifted from non-traded crops to traded crops and that employment in trade-related professions and businesses grew. Counties with access to national banks also experienced significant manufacturing output growth from sourcing more inputs, and they innovated more in product markets. In this Quantitative History Webinar, Chenzi Xu will explain how these results are consistent with the change in the financial sector improving locations’ market access.  

Chenzi's co-author: He Yang (Amazon)  

Live on Zoom on September 2, 2021
10:00 Hong Kong/Beijing/Singapore
11:00 Tokyo | 12:00 Sydney
Previous Day 19:00 Los Angeles | 22:00 New York

Thursday, September 2, 2021

Zoom Webinar

Chenzi Xu

English

The Quantitative History Webinar Series aims to provide researchers, teachers, and students with an online intellectual platform to keep up to date with the latest research in the field, promoting the dissemination of research findings and interdisciplinary use of quantitative methods in historical research. The Series, now in its third year, is co-organized by the International Society for Quantitative History, HKU Business School, and Hong Kong Institute for the Humanities and Social Sciences. 量化歷史網上講座系列由香港大學陳志武和馬馳騁教授聯合發起,旨在介紹前沿量化歷史研究成果、促進同仁交流,推廣量化方法在歷史研究中的應用。本系列講座由國際量化歷史學會、香港大學經管學院和香港人文社會研究所全力支持和承辦。

Conveners: Professor Zhiwu Chen & Dr. Chicheng Ma (HKU Business School)

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