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The Extent of the Market for Early American Bank Notes

Bodenhorn, Howard - National Bureau of Economic Research - 2023

How far did antebellum bank notes travel? Up to now, we did not know. Using previously overlooked data on interbank holdings of bank notes and the records of a small-time note broker, I find that most bank notes circulated within about 50 miles of the issuing banks. Few notes were observed from...

Persistent link: https://www.econbiz.de/10014437017

Making Money

Gorton, Gary; Ross, Chase P.; Ross, Sharon Y. - National Bureau of Economic Research - 2022

It is difficult for private agents to produce money that circulates at par with no questions asked. We study two cases of privately-produced money: pre-Civil War U.S. private banknotes and modern stablecoins. Private monies are introduced when there are no better alternatives, but they initially...

Persistent link: https://www.econbiz.de/10012814485

Non-Legal-Tender Paper Money : The Structure and Performance of Maryland's Bills of Credit, 1767-1775

Celia, Jim - 2014

Maryland's non-legal-tender paper money emissions between 1765 and 1775 are reconstructed to determine the quantities outstanding and their redemption dates, providing a substantial correction to the literature. Over 80 percent of this paper money's current market value was expected real asset...

Persistent link: https://www.econbiz.de/10012458141

An Empirical History of the United States Postal Savings System

Schuster, Steven Sprick - 2019

Seeking to reach the unbanked, the United States Postal Savings System provided a federally insured savings alternative to traditional banks. Using novel datasets on postal deposits, demographic characteristics, and banks, we study how and by whom the System was used. We find the program was...

Persistent link: https://www.econbiz.de/10012479762

The Founding of the Federal Reserve, the Great Depression and the Evolution of the U.S. Interbank Network

Jaremski, Matthew S. - 2019

Financial network structure is an important determinant of systemic risk. This paper examines how the U.S. interbank network evolved over a long and important period that included two key events: the founding of the Federal Reserve and the Great Depression. Banks established connections to...

Persistent link: https://www.econbiz.de/10012479982

Signals and Stigmas from Banking Interventions : Lessons from the Bank Holiday in 1933

Jaremski, Matthew S.; Richardson, Gary; Vossmeyer, Angela - National Bureau of Economic Research - 2023

A nationwide banking panic forced President Franklin Roosevelt to declare a nationwide banking holiday immediately after his inauguration in March 1933. The government reopened sound banks sequentially, with some resuming operations sooner and others later. Within three weeks, 11,000 of the...

Persistent link: https://www.econbiz.de/10014248006

Unconditional Cash and Family Investments in Infants : Evidence from a Large-Scale Cash Transfer Experiment in the U.S

Gennetian, Lisa A.; Duncan, Greg J.; Fox, Nathan A.; … - National Bureau of Economic Research - 2022

-scale, multi-site randomized controlled study of monthly unconditional cash transfers starting at the time of a child's birth. We … find that the cash transfers increased spending on child-specific goods and mothers' early-learning activities with their … infants. The marginal propensity to consume child-focused items from the cash transfer exceeded that from other income …

Persistent link: https://www.econbiz.de/10013362033

Causes of U.S. Bank Distress During the Depression

Calomiris, Charles W. - 2000

This paper provides the first comprehensive econometric analysis of the causes of bank distress during the Depression. We assemble bank-level data for virtually all Fed member banks, and combine those data with county-level, state-level, and national-level economic characteristics to capture...

Persistent link: https://www.econbiz.de/10012470818

Oh, How the Mighty Have Fallen : The Bank Failures and Near Failures That Started America's Greatest Financial Panics

Rockoff, Hugh - National Bureau of Economic Research - 2021

This is my presidential address to the Economic History Association that was delivered in September 2020. It examines the failures or in some cases near-failures, of financial institutions that started the 12 most severe peacetime financial panics in the United States, beginning with the Panic...

Persistent link: https://www.econbiz.de/10012496131

A Comparison of the United States and Canadian Banking Systems in the Twentieth Century : Stability vs. Efficiency?

Bordo, Michael D. - 1993

This paper asks whether the vaunted comparative stability of the Canadian banking system has been purchased at the cost of creating an oligopoly. We assembled a data set that compares bank failures, lending rates, interest paid on deposits and related variables over the period 1920 to 1980. Our...

Persistent link: https://www.econbiz.de/10012474396

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