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The payment system and liquidity provision during the US National Banking era/ created by Laurent Le Maux

By: Material type: TextTextSeries: Comparative economic studies ; Volume 55, number 3Basingstoke: Palgrave Macmillan, 2013Content type:
  • text
Media type:
  • unmediated
Carrier type:
  • volume
ISSN:
  • 08887233
Subject(s): LOC classification:
  • HB90 COM
Online resources: 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.
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Holdings
Item type Current library Call number Vol info Copy number Status Notes Date due Barcode
Journal Article Journal Article Main Library - Special Collections HB90 COM (Browse shelf(Opens below)) Vol. 55, no.3 (pages 459-478) SP17083 Not for loan For In House Use Only

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.

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