The dawn of an ‘age of deposits’ in the United States

Matthew Jaremski and Peter Rousseau

Journal of Banking & Finance, 2018, vol. 87, issue C, 264-281

Abstract: Individual deposits in the United States grew from 5% to 23% of GDP between 1863 and 1913. A comprehensive database shows bank entry underlying this trend while historical events, including the National Banking Acts, resumption in 1879, and the election of 1896, influenced deposits at the bank-level. The nation's embrace of deposits was thus driven by stability of the monetary system and confidence in the safety and utility of established and well-capitalized banks. Bank-level and county-level regressions confirm these patterns for national banks over the entire postbellum period and for a sample of Midwest state and national banks from 1888.

Keywords: Bank deposits; Financial development; National banking system; Bank notes (search for similar items in EconPapers)
JEL-codes: E21 G21 N21 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (1)

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Related works:
Working Paper: The Dawn of an ‘Age of Deposits’ in the United States (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbfina:v:87:y:2018:i:c:p:264-281

DOI: 10.1016/j.jbankfin.2017.10.010

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