The Antebellum Money Market and the Economic Impact of the Bank War

Marie Elizabeth Sushka

The Journal of Economic History, 1976, vol. 36, issue 4, 809-835

Abstract: This paper examines the impact of the Bank War on the economic events of the 1830's. An economic model of the antebellum money market is developed and tested. Specifications for money demand and supply are drawn from contemporary monetary literature and empirically estimated. Next, the historical hypotheses are tested by exploring the structural stability of the model. The results clearly indicate that: the Bank War affected the economy because it altered the pattern of financial behavior; wildcat banking was not characteristic of the post-Bank period; and finally, the Panic of 1837 was the result of a severe monetary contraction.

Date: 1976
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