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Fractionnements et crises du National Banking System aux États-Unis, 1863-1913

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  • Julien Le Maux

Abstract

The paper deals with the disruptions of the payment system during the National Banking Era in the United States (1863-1913). First, the Government policy and the Treasury action regarding the monetary regime, on the one side, the banking legislation and the institutional framework, on the other side, are described. Second, the consequences of the rule of issue of national notes on the seasonal movements of banking reserves and interest rates are examined. Third, the paper analyses proposition for reforming the National Banking System and shows how the banking reforms where insignificant and finally let the Clearing Houses intervene several times in order to solve financial and liquidity crises. Classification JEL: E32, E58, N11.

Suggested Citation

  • Julien Le Maux, 2012. "Fractionnements et crises du National Banking System aux États-Unis, 1863-1913," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 25-48.
    • Handle: RePEc:cai:refaef:ecofi_105_0025
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    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • N11 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: Pre-1913

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