Interregional Financial Intergration and the Banknote Market: The Old Northwest, 1815–1845

Jane Knodell

The Journal of Economic History, 1988, vol. 48, issue 2, 287-298

Abstract: I study the changing role of the banknote market in interregional financial arrangements of the antebellum American economy, using the Old Northwest as a case study. On the basis of a comparative analysis of the cyclical behavior of the banknote market, I conclude that the role of the banknote market in interregional balance of payments adjustments declined as the Old Northwest became more closely integrated into the external financial system.

Date: 1988
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