The study of financial history has never been more important. This
volume focuses on theories about the relationship of financial
markets to the rest of the economy. Searching out information on
financial institutions and markets from the past, this work tests
theories from the 1980s and 90s with this data, mainly in two
fields of economics: financial structure and performance and
economic development. Understanding and testing the relationship
between money and credit and the level of output in the economy,
the author emphasizes, may help predict or prevent business cycles
and even make it possible to increase the rate of development and
growth of an economy. Although this volume focuses on one
geographical and historical area of the US economy, the lessons and
implications are relevant for the global economy of the 21st
century.
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