Clearinghouses and the Origin of Central Banking in the United States-Reference-Cited by-同舟云学术

Clearinghouses and the Origin of Central Banking in the United States

Published:1985-06 Issue:2 Volume:45 Page:277-283
ISSN:0022-0507
Container-title:The Journal of Economic History
language:en
Short-container-title:J. Eco. History

Author:

Gorton Gary

Abstract

The pre-1914 U.S. banking industry is not easily characterized as a market operating through a price system. The endogenous development of the clearinghouse as the industry's organizing institution can be explained by inherent characteristics of demand deposits. During banking panics the clearinghouse united banks into an organization resembling a single firm which produced deposit insurance.

Publisher

Cambridge University Press (CUP)

Subject

Economics, Econometrics and Finance (miscellaneous),Economics and Econometrics,History

Reference24 articles.

1. Sprague, Crises, p. 54.

2. The Currency Famine of 1893;Warner;Sound Currency,1895

3. Gorton Gary , “Banking Panics and Business Cycles,” Philadelphia Federal Reserve Bank, Working Paper, 1984.

4. Cannon, Clearinghouses.

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