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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
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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
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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
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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
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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
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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
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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
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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
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Does the Structure of Banking Markets Affect Economic Growth? Evidence from U.S. State Banking Markets
Mitchener, Kris James - 2012
This paper examines the impacts of banking market structure and regulation on economic growth using new data on banking market concentration and manufacturing industry-level growth rates for U.S. states during 1899-1929 — a period when the manufacturing sector was expanding rapidly and...
Persistent link: https://www.econbiz.de/10013115288
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The US Bond Market before 1926 : Investor Total Return from 1793, Comparing Federal, Municipal and Corporate Bonds Part II: 1857 to 1926
McQuarrie, Edward F. - 2019
From 1857 scholars have relied on Macaulay (1938) to track changes in interest rates during the period before the Ibbotson data begin. Holding period returns, where of interest (e.g., Siegel 1992a, 1992b), have been calculated from summary yield inputs such as those tabulated by Homer (1963),...
Persistent link: https://www.econbiz.de/10012897768