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National bank window dressing, 1866-1871

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  • Christopher Hoag

Abstract

Market observers accused national banks of window dressing their balance sheets after the American Civil War. A test of window dressing compares two distinct series of legal tender reserves of Philadelphia banks from 1866 to 1871. The test provides some evidence that Philadelphia banks window dressed aggregate legal tender reserves by about 6%. At least in the aggregate, bank window dressing was not overly large during this period.

Suggested Citation

  • Christopher Hoag, 2015. "National bank window dressing, 1866-1871," Accounting History Review, Taylor & Francis Journals, vol. 25(1), pages 27-41, March.
    • Handle: RePEc:taf:acbsfi:v:25:y:2015:i:1:p:27-41
    DOI: 10.1080/21552851.2015.1004550
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    References listed on IDEAS

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    1. Richard S. Grossman, 2010. "Unsettled Account: The Evolution of Banking in the Industrialized World since 1800," Economics Books, Princeton University Press, edition 1, number 9219.
    2. Capie,Forrest, 2010. "The Bank of England," Cambridge Books, Cambridge University Press, number 9780521192828.
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    Cited by:

    1. Christopher Hoag, 2019. "Bank Executive Experience in a Financial Crisis," Working Papers 1902, Trinity College, Department of Economics.
    2. Hoag, Christopher, 2018. "Clearinghouse loan certificates as a lender of last resort," The North American Journal of Economics and Finance, Elsevier, vol. 45(C), pages 215-229.
    3. Christopher Hoag, 2019. "Bank Executive Experience with Clearinghouse Loan Certificates," Working Papers 1903, Trinity College, Department of Economics.

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