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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
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
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
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
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
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
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
of creating an oligopoly. We assembled a data set that compares bank failures, lending rates, interest paid on deposits …
Persistent link: https://www.econbiz.de/10013224945
The pre-WWI period saw the heyday of "financial capitalism" in the United States: the concentration of securities issues in the hands of a few investment bankers which had substantial representation on corporate boards of directors. This form of organization had costs: it created a conflict of...
Persistent link: https://www.econbiz.de/10013228252
incomplete regional diversification, and hence subject to a significant risk of an occasional failure by a large bank, to one …
Persistent link: https://www.econbiz.de/10013242939