Metropolitan development, regional financial centers, and the founding of the fed in the Lower South
成果类型：
Article
署名作者：
Claremont Colleges; Scripps College; City University of New York (CUNY) System; Queens College NY (CUNY)
刊物名称：
JOURNAL OF ECONOMIC HISTORY
ISSN/ISSBN：
0022-0507
DOI：
10.1017/S0022050700019902
发表日期：
1998
页码：
103-125
关键词：
摘要：
The Lower South remained a financial outlier in postbellum America, partly because it lacked developed metropolises. As focal points of regional economic networks, metropolises spawn externalities necessary for financial intermediaries. This cumulative process was constrained in the Lower South by the plantation system and staple monoculture. Only after 1880 did metropolitan networks form around new wholesale distribution centers, notably Atlanta and Dallas. Unlike coastal ports, these cities mediated more diverse commercial and financial transactions and attracted more correspondent banks. Consequently, Atlanta and Dallas were the most likely Federal Reserve cities in their districts, a view shared by local banks.