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U.S. Securities Markets and the Banking System, 1790-1840 - Review

This article explores the U.S. financial system that emerged virtually at the beginning of the nation’s history. The author emphasizes the mutual support between the banking system, which has been well studied by financial historians, and securities markets, which have been relatively neglected.

research.stlouisfed.org/.../1998/05/01/u-s-securities-markets-and-the-banking-system-1790-1840

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