Doctoral Dissertation Research: The Rise to Preeminence of the New York Stock Exchange

本研究的动机是对国内和全球金融交易所之间竞争结果的兴趣，以及对了解美国资本市场演变及其与长期经济增长关系的持久愿望。作为一项结合经济学、金融学和历史学的努力，它以19世纪美国的金融史为实验室，研究证券交易所之间的竞争。该项目收集了波士顿、纽约和费城证券交易所相对重要性的证据；收集有关影响这些市场演变的内部和外部变化的信息；并对影响他们相对成功的因素进行貌似合理的假设。其目的是解释为什么纽约在其他地区市场的竞争中成为美国的主要交易所。这些发现将引起那些试图理解金融交易与经济表现之间联系的经济史学家的兴趣；研究市场竞争的经济学家，以及寻求提高美国在国际金融市场竞争地位的政策制定者。

This study is motivated by interest in the outcome of competition among national and global financial exchanges and by an enduring desire to understand the evolution of American capital markets and their relationship to long term economic growth. As an endeavor that combines economics, finance, and history, it uses the financial history of the United States in the nineteenth century as a laboratory to study competition among stock exchanges. The project gathers evidence on the relative importance of the Boston, New York, and Philadelphia stock exchanges; assembles information on internal and external changes that affected the evolution of these markets; and tests plausible hypotheses about factors that influenced their relative success. The goal is to explain why New York emerged as the nation's dominant exchange in competition in other regional markets. The findings will interest economic historians who seek to understand the connection between financial exchanges and economic performance; economists who study competition across markets, and policy makers who seek to improve America's competitive position in international financial markets.