Jacksonian Monetary Policy, Specie Flows, And The Panic Of 1837
AbstractA number of hypotheses attempt to disentangle the true causes of the Panic of 1837 from domestic and international factors that came into play as the crisis approached. I analyze U.S. government documents and contemporary newspapers to reconsider the role of domestic factors. These sources place neither the official distribution of the federal surplus nor an international shock at the center. Rather, a series of interbank transfers of government balances and a policy-induced increase in the demand for coin in the Western states drained the largest New York City banks of their specie reserves and rendered the panic inevitable.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal The Journal of Economic History.
Volume (Year): 62 (2002)
Issue (Month): 02 (June)
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Other versions of this item:
- Peter L. Rousseau, 2000. "Jacksonian Monetary Policy, Specie Flows, and the Panic of 1837," Vanderbilt University Department of Economics Working Papers 0004, Vanderbilt University Department of Economics, revised Jun 2001.
- Peter L. Rousseau, 2000. "Jacksonian Monetary Policy, Specie Flows, and the Panic of 1837," NBER Working Papers 7528, National Bureau of Economic Research, Inc.
- N11 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: Pre-1913
- N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913
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