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Interregional Financial Intergration and the Banknote Market: The Old Northwest, 1815–1845

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  • Knodell, Jane

Abstract

I study the changing role of the banknote market in interregional financial arrangements of the antebellum American economy, using the Old Northwest as a case study. On the basis of a comparative analysis of the cyclical behavior of the banknote market, I conclude that the role of the banknote market in interregional balance of payments adjustments declined as the Old Northwest became more closely integrated into the external financial system.

Suggested Citation

  • Knodell, Jane, 1988. "Interregional Financial Intergration and the Banknote Market: The Old Northwest, 1815–1845," The Journal of Economic History, Cambridge University Press, vol. 48(2), pages 287-298, June.
    • Handle: RePEc:cup:jechis:v:48:y:1988:i:02:p:287-298_00
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    Cited by:

    1. Shambaugh, Jay C., 2006. "An experiment with multiple currencies: the American monetary system from 1838-60," Explorations in Economic History, Elsevier, vol. 43(4), pages 609-645, October.
    2. Landon-Lane, John & Rockoff, Hugh, 2007. "The origin and diffusion of shocks to regional interest rates in the United States, 1880-2002," Explorations in Economic History, Elsevier, vol. 44(3), pages 487-500, July.

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