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Lessons from the American Experience with Free Banking

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Hugh Rockoff

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Abstract

There has been considerable interest in recent years in historical experiments with "free banking." This paper examines once again the American experiments in the decades before the Civil War, and the recent literature on them. The lessons of this experience for four issues are considered: (1) the appropriate mechanism for controlling the monetary base, (2) the need for a lender of last resort, (3) the costs and benefits of a bank issued currency, and (4) the potential under a regime of free banking for wildcat banking.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Historical Working Papers with number 0009.

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Date of creation: Dec 1989
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Handle: RePEc:nbr:nberhi:0009

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  1. King, Robert G., 1983. "On the economics of private money," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 127-158. [Downloadable!] (restricted)
  2. Economopoulos, Andrew J, 1988. "Illinois Free Banking Experience," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(2), pages 249-64, May. [Downloadable!] (restricted)
  3. Rockoff, Hugh, 1974. "The Free Banking Era: A Reexamination," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 6(2), pages 141-67, May. [Downloadable!] (restricted)
  4. Cowen, Tyler & Kroszner, Randall, 1987. "The Development of the New Monetary Economics," Journal of Political Economy, University of Chicago Press, vol. 95(3), pages 567-90, June. [Downloadable!] (restricted)
  5. Rolnick, Arthur J & Weber, Warren E, 1983. "New Evidence on the Free Banking Era," American Economic Review, American Economic Association, vol. 73(5), pages 1080-91, December. [Downloadable!] (restricted)
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