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Effects of Federal Reserve services on the efficiency of the system for collecting checks in the United States: 1915--30

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Alton Gilbert
Abstract

This paper investigates whether the services of the Federal Reserve System improved the efficiency of the system in the United States for collecting checks relative to the efficiency of the system used by banks just prior to the formation of the Federal Reserve. There are two types of evidence that the Fed's services improved efficiency. First, the Reserve Banks quickly became major processors of interregional checks, even though banks could have continued to use the prior payments arrangements. Second, declines in the ratios of cash to total assets of banks can be attributed to the development of the Fed's check collection services.

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Paper provided by Federal Reserve Bank of St. Louis in its series Working Papers with number 1999-014.

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Date of creation: 1999
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Publication status: Published in Explorations in Economic History, April 2000, 37(2), pp. 121-48.
Handle: RePEc:fip:fedlwp:1999-014

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Keywords: Federal Reserve System ; Payment systems ; Check collection systems;

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  1. Fishe, Raymond P H & Wohar, Mark, 1990. "The Adjustment of Expectations to a Change in Regime: Comment," American Economic Review, American Economic Association, vol. 80(4), pages 968-76, September. [Downloadable!] (restricted)
  2. Robert T. Clair & Joanna O. Kolson & Kenneth J. Robinson, 1995. "The Texas banking crisis and the payments system," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q I, pages 13-21. [Downloadable!]
  3. John A. Weinberg, 1997. "The organization of private payment networks," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 25-44. [Downloadable!]
  4. E.J. Stevens, 1996. "The founders' intentions: sources of the payments services franchise of the Federal Reserve banks," Financial Services working paper 96-03, Federal Reserve Bank of Cleveland. [Downloadable!]
  5. Garbade, Kenneth D. & Silber, William L., 1979. "The payment system and domestic exchange rates: Technological versus institutional change," Journal of Monetary Economics, Elsevier, vol. 5(1), pages 1-22, January. [Downloadable!] (restricted)
  6. Katz, Michael L & Shapiro, Carl, 1994. "Systems Competition and Network Effects," Journal of Economic Perspectives, American Economic Association, vol. 8(2), pages 93-115, Spring. [Downloadable!] (restricted)
  7. Mankiw, N Gregory & Miron, Jeffrey A & Weil, David N, 1987. "The Adjustment of Expectations to a Change in Regime: A Study of the Founding of the Federal Reserve," American Economic Review, American Economic Association, vol. 77(3), pages 358-74, June. [Downloadable!] (restricted)
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  8. 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!]
  9. George B. Vest, 1940. "The par collection system of the Federal Reserve Banks," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Feb, pages 89-96.
  10. Mankiw, N Gregory & Miron, Jeffrey A & Weil, David N, 1990. "The Adjustment of Expectations to a Change in Regime: Reply," American Economic Review, American Economic Association, vol. 80(4), pages 977-79, September. [Downloadable!] (restricted)
  11. Miron, Jeffrey A, 1986. "Financial Panics, the Seasonality of the Nominal Interest Rate, and theFounding of the Fed," American Economic Review, American Economic Association, vol. 76(1), pages 125-40, March. [Downloadable!] (restricted)
  12. Economides, Nicholas & White, Lawrence J., 1994. "Networks and compatibility: Implications for antitrust," European Economic Review, Elsevier, vol. 38(3-4), pages 651-662, April. [Downloadable!] (restricted)
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