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Banks, Free Banks, and U.S. Economic Growth

Jaremski, Matthew - 2012

The "Federalist financial revolution" may have jump-started the U.S. economy into modern growth, but the Free Banking System (1837-1862) did not play a direct role in sustaining it. Despite lowering entry barriers and extending banking into developing regions, we find in county-level data that...

Persistent link: https://www.econbiz.de/10013107211

Reputation Formation in Early Bank Debt Markets

Gorton, Gary - 2010

of new banks issuing bank notes for the first time during the America Free Banking Era (1838-1860). The presence of a …

Persistent link: https://www.econbiz.de/10014073966

Can Currency Competition Work?

Fernández-Villaverde, Jesús - 2016

Can competition among privately issued fiat currencies such as Bitcoin or Ethereum work? Only sometimes. To show this, we build a model of competition among privately issued fiat currencies. We modify the current workhorse of monetary economics, the Lagos-Wright environment, by including...

Persistent link: https://www.econbiz.de/10012994909

The Limits of Bimetallism

Meissner, Christopher M. - 2015

Bimetallism disappeared as a monetary regime in the 1870s. Flandreau (1996) clearly demonstrates that French bimetallism would have been able to withstand the German de-monetization of silver. Could it have withstood if many other countries in the world moved to the gold standard following in...

Persistent link: https://www.econbiz.de/10013030135

Currency Mismatches, Default Risk, and Exchange Rate Depreciation : Evidence from the End of Bimetallism

Bordo, Michael D. - 2010

It is generally very difficult to measure the effects of a currency depreciation on a country%u2019s balance sheet and financing costs given the endogenous properties of the exchange rate. History provides at least one natural experiment to test whether an exogenous exchange rate depreciation...

Persistent link: https://www.econbiz.de/10012761340

A Model of the International Monetary System

Farhi, Emmanuel - 2016

We propose a simple model of the international monetary system. We study the world supply and demand for reserve assets denominated in different currencies under a variety of scenarios: a Hegemon vs. a multipolar world; abundant vs. scarce reserve assets; a gold exchange standard vs. a floating...

Persistent link: https://www.econbiz.de/10012990769

Branch Banking as a Device for Discipline : Competition and Bank Survivorship During the Great Depression

Carlson, Mark - 2007

banking systems. Using a new database of individual bank balance sheets, income statements, and branch establishment, we … examine the characteristics that made a bank a more likely target of a takeover by a large branching network, how incumbent … increase efficiency and profitability. Results from survivorship analysis suggest that unit banks competing with branch bank …

Persistent link: https://www.econbiz.de/10012777583

Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System

Calomiris, Charles W. - 2015

Reserve discount window through contacts with Federal Reserve members. We find that individual bank attributes related to the … that a bank's position within the interbank network (as a user or provider of liquidity) predicts the timing of its entry …

Persistent link: https://www.econbiz.de/10013012699

Did Inequality in Farm Sizes Lead to Suppression of Banking and Credit in the Late Nineteenth Century?

Jaremski, Matthew - 2017

This paper creates a new database that covers all banks in the United States in the census years between 1870 and 1900 to test the interaction between inequality and financial development when the banking system was starting over from scratch. A fixed-effects panel regression shows that the...

Persistent link: https://www.econbiz.de/10012957385

The (Dis)Advantages of Clearinghouses Before the Fed

Jaremski, Matthew - 2017

Operating in individual cities, U.S. clearinghouses were the closest thing to a central bank before 1914, but they only … assisted banks that chose to join the association. Using an annual bank-level database for seven states between 1880 and 1910 …

Persistent link: https://www.econbiz.de/10012964390