Clearinghouses and the Origin of Central Banking in the United States

Gary Gorton

The Journal of Economic History, 1985, vol. 45, issue 2, 277-283

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.

Date: 1985
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