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Metropolitan Development, Regional Financial Centers, and the Founding of the Fed in the Lower South

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  • Odell, Kerry A.
  • Weiman, David F.

Abstract

The Lower South remained a financial outlier in postbellum America, partly because it lacked developed metropolises. As focal points of regional economic networks, metropolises spawn externalities necessary for financial intermediaries. This cumulative process was constrained in the Lower South by the plantation system and staple monoculture. Only after 1880 did metropolitan networks form around new wholesale distribution centers, notably Atlanta and Dallas. Unlike coastal ports, these cities mediated more diverse commercial and financial transactions and attracted more correspondent banks. Consequently, Atlanta and Dallas were the most likely Federal Reserve cities in their districts, a view shared by local banks.

Suggested Citation

  • Odell, Kerry A. & Weiman, David F., 1998. "Metropolitan Development, Regional Financial Centers, and the Founding of the Fed in the Lower South," The Journal of Economic History, Cambridge University Press, vol. 58(1), pages 103-125, March.
    • Handle: RePEc:cup:jechis:v:58:y:1998:i:01:p:103-125_01
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    Cited by:

    1. John A. James & David F. Weiman, 2010. "From Drafts to Checks: The Evolution of Correspondent Banking Networks and the Formation of the Modern U.S. Payments System, 1850–1914," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(2‐3), pages 237-265, March.
    2. Gregg Huff, 2012. "Gateway cities and urbanisation in southeast asia before world war II," Oxford University Economic and Social History Series _096, Economics Group, Nuffield College, University of Oxford.
    3. Mary Eschelbach Hansen & Nicolas L. Ziebarth, 2017. "Credit Relationships and Business Bankruptcy during the Great Depression," American Economic Journal: Macroeconomics, American Economic Association, vol. 9(2), pages 228-255, April.
    4. Mark A. Carlson & David C. Wheelock, 2018. "Furnishing an “Elastic Currency”: The Founding of the Fed and the Liquidity of the U.S. Banking System," Review, Federal Reserve Bank of St. Louis, vol. 100(1), pages 17-44.
    5. David C. Wheelock, 2015. "Economics and Politics in Selecting Federal Reserve Cities: Why Missouri Has Two Reserve Banks," Review, Federal Reserve Bank of St. Louis, vol. 97(4), pages 269-288.
    6. Jaremski, Matthew & Wheelock, David C., 2020. "The Founding of the Federal Reserve, the Great Depression, and the Evolution of the U.S. Interbank Network," The Journal of Economic History, Cambridge University Press, vol. 80(1), pages 69-99, March.
    7. Matthew Jaremski & David C. Wheelock, 2015. "Banker Preferences, Interbank Connections, and the Enduring Structure of the Federal Reserve System," Working Papers 2015-11, Federal Reserve Bank of St. Louis.
    8. Stephen F. Quinn & William Roberds, 2008. "The evolution of the check as a means of payment: a historical survey," Economic Review, Federal Reserve Bank of Atlanta, vol. 93(4).
    9. Owen F. Humpage, 2023. "On the Origins of the Federal Reserve System and Its Structure," Working Papers 23-17, Federal Reserve Bank of Cleveland.
    10. McAvoy, Michael R., 2006. "How were the Federal Reserve Bank locations selected?," Explorations in Economic History, Elsevier, vol. 43(3), pages 505-526, July.

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