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Interbank payments relationships in the antebellum United States: evidence from Pennsylvania

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  • Weber, Warren E.

Abstract

This article investigates U.S. interbank relationships before the Civil War using previously unknown data for Pennsylvania banks from 1851 to 1859 that disaggregate the amounts due from other banks by debtor bank. It finds that country banks, banks outside of Philadelphia and Pittsburgh, dealt almost exclusively with financial center banks. Most had a large, highly stable relationship with a single correspondent bank. The location of a country bank's correspondent was consistent with trade patterns, particularly railroad and canal linkages. Philadelphia banks, in contrast, did not establish correspondent-type banking relationships. Further, Philadelphia's correspondent banking market was not highly concentrated, and entry was easy.
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  • Weber, Warren E., 2003. "Interbank payments relationships in the antebellum United States: evidence from Pennsylvania," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 455-474, March.
  • Handle: RePEc:eee:moneco:v:50:y:2003:i:2:p:455-474
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    References listed on IDEAS

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    1. Cavalcanti, Ricardo & Erosa, Andres & Temzelides, Ted, "undated". "Private Money and Reserve Management in a Random Matching Model," Working Papers 97-17, University of Iowa, Department of Economics, revised Sep 1997.
    2. Ricardo de O. Cavalcanti & Andres Erosa & Ted Temzelides, 1999. "Private Money and Reserve Management in a Random-Matching Model," Journal of Political Economy, University of Chicago Press, vol. 107(5), pages 929-945, October.
    3. Bullard, James & Smith, Bruce D., 2003. "Intermediaries and payments instruments," Journal of Economic Theory, Elsevier, pages 172-197.
    4. Bruce A. Champ & Neil Wallace & Warren E. Weber, 1993. "Interest rates under the U.S. national banking system," Staff Report 161, Federal Reserve Bank of Minneapolis.
    5. Douglas W. Diamond & Philip H. Dybvig, 2000. "Bank runs, deposit insurance, and liquidity," Quarterly Review, Federal Reserve Bank of Minneapolis, pages 14-23.
    6. Champ, Bruce & Wallace, Neil & Weber, Warren E., 1994. "Interest rates under the U.S. national banking system," Journal of Monetary Economics, Elsevier, pages 343-358.
    7. Antoine Martin & Cyril Monnet & Warren E. Weber, 2000. "Costly banknote issuance and interest rates under the national banking system," Working Papers 601, Federal Reserve Bank of Minneapolis.
    8. Busch, Lutz-Alexander & Wen, Quan, 1995. "Perfect Equilibria in Negotiation Model," Econometrica, Econometric Society, pages 545-565.
    9. Bruce Champ & Bruce D. Smith & Stephen D. Williamson, 1996. "Currency Elasticity and Banking Panics: Theory and Evidence," Canadian Journal of Economics, Canadian Economics Association, vol. 29(4), pages 828-864, November.
    10. Ricardo de O. Cavalcanti & Neil Wallace, 1999. "A model of private bank-note issue," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(1), pages 104-136, January.
    11. Champ, Bruce & Wallace, Neil & Weber, Warren E., 1994. "Interest rates under the U.S. national banking system," Journal of Monetary Economics, Elsevier, pages 343-358.
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    Cited by:

    1. Warren E. Weber, 2006. "Early state banks in the United States: how many were there and where did they exist?," Quarterly Review, Federal Reserve Bank of Minneapolis, pages 28-40.
    2. Warren E. Weber, 2006. "Early state banks in the United States: how many were there and where did they exist?," Quarterly Review, Federal Reserve Bank of Minneapolis, pages 28-40.
    3. Anderson, Haelim Park & Bluedorn, John C., 2017. "Stopping contagion with bailouts: Micro-evidence from Pennsylvania bank networks during the panic of 1884," Journal of Banking & Finance, Elsevier, vol. 76(C), pages 139-149.
    4. repec:eee:jfinec:v:125:y:2017:i:3:p:434-453 is not listed on IDEAS
    5. Chang, Howard H. & Danilevsky, Marina & Evans, David S. & Garcia-Swartz, Daniel D., 2008. "The economics of market coordination for the pre-Fed check-clearing system: A peek into the Bloomington (IL) node," Explorations in Economic History, Elsevier, vol. 45(4), pages 445-461, September.
    6. Calomiris, Charles W. & Carlson, Mark, 2017. "Interbank networks in the National Banking Era: Their purpose and their role in the Panic of 1893," Journal of Financial Economics, Elsevier, vol. 125(3), pages 434-453.
    7. repec:eee:jbfina:v:83:y:2017:i:c:p:221-231 is not listed on IDEAS

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