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

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  • Warren E. Weber

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.

Suggested Citation

  • Warren E. Weber, 2003. "Interbank payments relationships in the antebellum United States: evidence from Pennsylvania," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 27(Sum), pages 2-16.
    • Handle: RePEc:fip:fedmqr:y:2003:i:sum:p:2-16:n:v.27no.3
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    File URL: https://www.minneapolisfed.org/research/qr/qr2731.pdf
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    1. Weber, Warren E., 2006. "Early State Banks in the United States: How Many Were There and When Did They Exist?," The Journal of Economic History, Cambridge University Press, vol. 66(2), pages 433-455, June.
    2. Ishizu, Mina, 2021. "Metropolitan financial agents and the emergence of inter-regional financial linkages in England and Japan, 1760-1860," Economic History Working Papers 110963, London School of Economics and Political Science, Department of Economic History.
    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. Haelim Anderson & Mark Paddrik & Jessie Jiaxu Wang, 2019. "Bank Networks and Systemic Risk: Evidence from the National Banking Acts," American Economic Review, American Economic Association, vol. 109(9), pages 3125-3161, September.
    5. Ishizu, Mina, 2021. "Metropolitan financial agents and the emergence of inter-regional financial linkages in England and Japan, 1760-1860," LSE Research Online Documents on Economics 110963, London School of Economics and Political Science, LSE Library.
    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. Chang, Howard H. & Danilevsky, Marina & Evans, David S. & Garcia-Swartz, Daniel D., 2009. "Errata to ''The economics of market coordination for the pre-Fed check-clearing system: A peek into the Bloomington (IL) node'' [Explor. Econ. Hist. 45 (2008) 445-461]," Explorations in Economic History, Elsevier, vol. 46(2), pages 285-285, April.
    8. Anderson, Haelim Park & Bluedorn, John C., 2017. "Reprint of: Stopping contagion with bailouts: Micro-evidence from Pennsylvania bank networks during the panic of 1884," Journal of Banking & Finance, Elsevier, vol. 83(C), pages 221-231.

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