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Banking and Financial Crises in United States History : What Guidance can History Offer Policymakers?

Tallman, Ellis W. - 2010

States. We highlight aspects of two National Banking Era crises (the Panic of 1873 and the Panic of 1907) that are relevant … for comparison with the Panic of 2008. In 1873, overinvestment in railroad debt and the default of railroad companies on … that debt led to the failure of numerous brokerage houses, precursor to the modern investment bank. During the Panic of …

Persistent link: https://www.econbiz.de/10013139392

United States: New York Clearing House Association, the panic of 1907

Runkel, Corey N. - In: The journal of financial crises 4 (2022) 2, pp. 1322-1350

Persistent link: https://www.econbiz.de/10013448654

The Puzzling Divergence of the Lender of Last Resort Regimes in the US and UK

Awrey, Dan - 2020

Central bank lender of last resort (LOLR) regimes are the last line of defence before governments are forced to resort to taxpayer-funded bailouts of the financial system. Yet despite this important role, along with a rich theoretical literature examining the function and design of LOLR regimes,...

Persistent link: https://www.econbiz.de/10012847864

Jackson, the Bank War, and the Legacy of the Second Bank of the United States

Rousseau, Peter L. - 2021

President Jackson vetoed the bill to re-charter the Second Bank of the United States on 10 July 1832. I describe events leading to the veto and through the Bank’s dissolution in 1836 using private correspondence and official government documents. These sources reveal a political process...

Persistent link: https://www.econbiz.de/10013242020

Politics on the Road to the U.S. Monetary Union

Rousseau, Peter L. - 2013

Is political unity a necessary condition for a successful monetary union? The early United States seems a leading example of this principle. But the view is misleadingly simple. I review the historical record and uncover signs that the United States did not achieve a stable monetary union, at...

Persistent link: https://www.econbiz.de/10013086107

Did the founding of the Federal Reserve affect the vulnerability of the interbank system to systemic risk?

Carlson, Mark; Wheelock, David C. - 2016 - Draft: July 18, 2016

As a result of legal restrictions on branch banking, an extensive interbank system developed in the United States during the 19th century to facilitate interregional payments and flows of liquidity and credit. Vast sums moved through the interbank system to meet seasonal and other demands, but...

Persistent link: https://www.econbiz.de/10011578151

Real Effects of Stabilizing Private Money Creation

Xu, Chenzi; Yang, He - National Bureau of Economic Research - 2022

We show that decentralized privately created money with unstable values can hinder the traded, more transaction-friction sensitive, sector of the economy. We do so in the context of the NationalBanking Act of 1864 in the United States that created a new federally-regulated, fully-backed currency...

Persistent link: https://www.econbiz.de/10013210088

Clearinghouse loan certificates as interbank loans in the United States, 1860-1913

Hoag, Christopher - In: Financial history review 23 (2016) 3, pp. 303-324

Persistent link: https://www.econbiz.de/10011713205

Not What it Used to Be : The Cambridge Economic History of the United States, Volumes II and III

Field, Alexander J. - 2009

Persistent link: https://www.econbiz.de/10014047560

Was (English) Canada Poorer than the United States? Living Standards Circa 1830 to Circa 1845

Geloso, Vincent; Macera, Gonzalo - 2018

This paper uses the censuses of 1842 of Canada East (modern day Quebec) and Canada West (modern day Ontario) to help explain the historical differences in living standards between Canada and the United States. The argument made in this paper is that Canada East was substantially poorer than the...

Persistent link: https://www.econbiz.de/10014111131