IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-01399603.html
   My bibliography  Save this paper

The Payment System and Liquidity Provision during the US National Banking Era

Author

Listed:
  • Laurent Le Maux

    (LED - Laboratoire d'Economie Dionysien - UP8 - Université Paris 8 Vincennes-Saint-Denis)

Abstract

This essay distinguishes hand-to-hand currency shortage from the funding liquidity crisis in order to apprehend the nature of disruptions of the payment system during the US National Banking Era (1863–1913). Different analytical categories are thus inferred, namely, runs to currency and to liquidity, seasonality and instability of the interest rate, and issuance of small-denominated certificates and large-denominated loan certificates by the Clearing Houses. All of these categories were particularly intertwined under the National Banking System, which may have led to a quid pro quo related to the expected functions of the Federal Reserve System.

Suggested Citation

  • Laurent Le Maux, 2013. "The Payment System and Liquidity Provision during the US National Banking Era," Post-Print hal-01399603, HAL.
  • Handle: RePEc:hal:journl:hal-01399603
    DOI: 10.1057/ces.2013.12
    Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01399603
    as

    Download full text from publisher

    File URL: https://hal.archives-ouvertes.fr/hal-01399603/document
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Charles W. Calomiris & Gary Gorton, 1991. "The Origins of Banking Panics: Models, Facts, and Bank Regulation," NBER Chapters, in: Financial Markets and Financial Crises, pages 109-174, National Bureau of Economic Research, Inc.
    2. J. Laurence Laughlin, 1908. "The Aldrich-Vreeland Act," Journal of Political Economy, University of Chicago Press, vol. 16, pages 489-489.
    3. Itay Goldstein & Ady Pauzner, 2005. "Demand–Deposit Contracts and the Probability of Bank Runs," Journal of Finance, American Finance Association, vol. 60(3), pages 1293-1327, June.
    4. Sylla, Richard, 2006. "The transition to a monetary union in the United States, 1787 1795," Financial History Review, Cambridge University Press, vol. 13(01), pages 73-95, April.
    5. Wicker,Elmus, 2000. "Banking Panics of the Gilded Age," Cambridge Books, Cambridge University Press, number 9780521770231, December.
    Full references (including those not matched with items on IDEAS)

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-01399603. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.