Fractionnements et crises du National Banking System aux États-Unis, 1863-1913

Julien Le Maux

Revue d'économie financière, 2012, vol. N° 105, issue 1, 25-48

Abstract: The paper deals with the disruptions of the payment system during the National Banking Era in the United States (1863-1913). First, the Government policy and the Treasury action regarding the monetary regime, on the one side, the banking legislation and the institutional framework, on the other side, are described. Second, the consequences of the rule of issue of national notes on the seasonal movements of banking reserves and interest rates are examined. Third, the paper analyses proposition for reforming the National Banking System and shows how the banking reforms where insignificant and finally let the Clearing Houses intervene several times in order to solve financial and liquidity crises. Classification JEL: E32, E58, N11.

JEL-codes: E32 E58 N11 (search for similar items in EconPapers)
Date: 2012
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