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Clearinghouses and the Origin of Central Banking in the United States

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Author Info
Gorton, Gary
Abstract

The pre-1914 U.S. banking industry is not easily characterized as a market operating through a price system. The endogenous development of the clearinghouse as the industry's organizing institution can be explained by inherent characteristics of demand deposits. During banking panics the clearinghouse united banks into an organization resembling a single firm which produced deposit insurance.

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Publisher Info
Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 45 (1985)
Issue (Month): 02 (June)
Pages: 277-283
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:cup:jechis:v:45:y:1985:i:02:p:277-283_03

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  3. Charles M. Kahn & William Roberds, 1995. "On the efficiency of cash settlement," Working Paper 95-11, Federal Reserve Bank of Atlanta. [Downloadable!]
  4. Jon R. Moen & Ellis W. Tallman, 1995. "Clearinghouse access and bank runs: comparing New York and Chicago during the Panic of 1907," Working Paper 95-9, Federal Reserve Bank of Atlanta. [Downloadable!]
  5. V.V. Chari, 1989. "Banking without deposit insurance or bank panics: lessons from a model of the U.S. national banking system," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum, pages 3-19. [Downloadable!]
  6. Carlos Gustavo Cano, 2008. "Regulación y supervisión: La otra cara de la política monetaria," BORRADORES DE ECONOMIA 004587, BANCO DE LA REPÚBLICA. [Downloadable!]
  7. Thorsten Koeppl & James MacGee, 2005. "What Banks Do and Markets Don't: Cross-subsidization," Working Papers 1052, Queen's University, Department of Economics. [Downloadable!]
  8. Thorsten V. Koppl & James MacGee, 2001. "Limited enforcement and efficient interbank arrangements," Working Papers 608, Federal Reserve Bank of Minneapolis. [Downloadable!]
  9. Jeffery M. Lacker & Jeffrey D. Walker & John A. Weinberg, 1999. "The Fed's entry into check clearing reconsidered," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 1-32. [Downloadable!]
  10. Goetz von Peter, 2003. "A Unified Approach to Credit Crunches, Financial Instability, and Banking Crises," Macroeconomics 0312006, EconWPA. [Downloadable!]
  11. Yorulmazer, Tanju, 2003. "Herd Behavior, Bank Runs and Information Disclosure," MPRA Paper 9513, University Library of Munich, Germany. [Downloadable!]
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  14. Gentil Corazza, 2001. "Os Bancos Centrais e sua ambivalência público-privada [Central Banks and their public-private nature]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 11(1), pages 123-145, July. [Downloadable!]
  15. Kharroubi, E. & Vidon E., 2008. "Liquidity, Moral Hazard and Inter-Bank Market Collapse," Documents de Travail 227, Banque de France. [Downloadable!]
  16. Richard S. Grossman, 2006. "Other People’s Money: The Evolution of Bank Capital in the Industrialized World," Wesleyan Economics Working Papers 2006-020, Wesleyan University, Department of Economics. [Downloadable!]
  17. Ellis W. Tallman & Jon R. Moen, 1990. "Lessons from the panic of 1907," Economic Review, Federal Reserve Bank of Atlanta, issue May, pages 2-13. [Downloadable!]
  18. Gentil Corazza, 2001. "Os Bancos Centrais e sua Ambivalência Público-Privada," Anais do XXIX Encontro Nacional de Economia [Proceedings of the 29th Brazilian Economics Meeting] 011, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]. [Downloadable!]
  19. Stephen D. Williamson, 1989. "Restrictions on financial intermediaries and implications for aggregate fluctuations: Canada and the United States, 1870-1913," Staff Report 119, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  20. Acharya, Viral V & Yorulmazer, Tanju, 2003. "Information Contagion and Inter-Bank Correlation in a Theory of Systemic Risk," CEPR Discussion Papers 3743, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  21. Acharya, Viral V & Gromb, Denis & Yorulmazer, Tanju, 2008. "Imperfect Competition in the Inter-Bank Market for Liquidity as a Rationale for Central Banking," CEPR Discussion Papers 6984, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  22. Charles Calomiris, 2009. "Banking Crises and the Rules of the Game," NBER Working Papers 15403, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  23. David C. Wheelock, 1999. "National monetary policy by regional design: the evolving role of the Federal Reserve banks in Federal Reserve System policy," Working Papers 1998-010, Federal Reserve Bank of St. Louis. [Downloadable!]
  24. Ellis W. Tallman & Jon R. Moen, 2007. "Liquidity creation without a lender of last resort: clearinghouse loan certificates in the Banking Panic of 1907," Working Paper 2006-23, Federal Reserve Bank of Atlanta. [Downloadable!]
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