Land and Credit: A Study of the Political Economy of Banking in the United States in the Early 20th Century

We thank Lakshmi Aiyar, Shawn Cole, Stijn Claessens, Oded Galor, Adair Morse, Mark Rosenzweig, Jeremy Stein, as well as participants in seminars at the IMF, the NBER Political Economy, Corporate Finance, and Growth Workshops, M.I.T., Northwestern University, the University of Chicago, the WFA Meetings, and Yale University for comments. Rajan benefited from grants from the Stigler Center for the Study of the State and the Economy, from the Initiative on Global Markets, and from the National Science Foundation. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

• December 5, 2011