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Lenders of the next-to-last resort: scrip issue in Georgia during the Great Depression
In: Economic Review (1990) Sep, pp. 16-30
Persistent link: https://www.econbiz.de/10005711949
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Governments and money
In: Annual Report (1995) Jan, pp. 4-10
A discussion of the history of attempts to protect the purchasing power of money, which contends that fostering …
Persistent link: https://www.econbiz.de/10005491039
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On the efficiency of cash settlement
Kahn, Charles M.; Roberds, William - Federal Reserve Bank of Atlanta - 1995
This paper investigates the question of why banks almost always settle payments in cash as opposed to debt. Our model suggests that adverse selection with respect to the quality of bank assets may be the primary motivation underlying this practice. Banks with higher-quality assets prefer not to...
Persistent link: https://www.econbiz.de/10005402016
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The U.S. currency system: a historical perspective
Russell, Steven - In: Review (1991) Sep, pp. 34-61
Persistent link: https://www.econbiz.de/10005519788
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Why didn't the United States establish a central bank until after the panic of 1907?
Moen, Jon R.; Tallman, Ellis W. - 1999
Monetary historians conventionally trace the establishment of the Federal Reserve System in 1913 to the turbulence of the Panic of 1907. But why did the successful movement for creating a U.S. central bank follow the Panic of 1907 and not any earlier National Banking Era panic? The 1907 panic...
Persistent link: https://www.econbiz.de/10010397472
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Clearinghouse access and bank runs: comparing New York and Chicago during the Panic of 1907
Moen, Jon R.; Tallman, Ellis W. - 1995
During the Panic of 1907, New York City trust companies were not members of the New York Clearinghouse whereas trust companies in Chicago were members of the Chicago Clearinghouse. We argue that the apparent isolation of New York City trust companies from the pool of bank reserves controlled by...
Persistent link: https://www.econbiz.de/10010397565
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Suspension of payments, bank failures, and the nonbank public's losses
Gerald P. Dwyer, Jr.; Hasan, Iftekhar - 1996
outside money or other assets--was an important impetus for creating the Federal Reserve. Friedman and Schwartz suggest that a …
Persistent link: https://www.econbiz.de/10010397581
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The slack banker dances: deposit insurance and risk-taking in the banking collapse of the 1920s
Wheelock, David C.; Kumbhaker, Subal C. - Federal Reserve Bank of St. Louis - 1992
This paper studies the effects of deposit insurance on bank behavior using individual bank data from Kansas in the 1920s. Kansas banks were severely stressed by the collapse of agricultural prices in 1920 and resulting increase in farm mortgage defaults. Because membership in the state deposit...
Persistent link: https://www.econbiz.de/10005360603
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A visible hand: the Fed's involvement in the check payments system
Duprey, James N.; Nelson, Clarence W. - In: Quarterly Review (1986) Spr, pp. 18-29
It is common knowledge that the Federal Reserve System was originally set up to provide the nation with a stable currency and a sound banking system. Less well known, however, is why the Fed was given an operating role in the nation's payments system. In this article, James N. Duprey and...
Persistent link: https://www.econbiz.de/10005360809
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In order to form a more perfect monetary union
Rolnick, Arthur J.; Smith, Bruce D.; Weber, Warren E. - In: Quarterly Review (1993) Fall, pp. 2-13
Why did states agree to a U.S. Constitution that prohibits them from issuing their own money? This article argues that … two common answers to this question—a fear of inflation and a desire to control what money qualifies as legal tender … variability of exchange rates between various forms of money and avoids the seigniorage problem that otherwise occurs in a fixed …
Persistent link: https://www.econbiz.de/10005360851