The nation-building purposes of early US central banks

Jane Knodell
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Jane Knodell: University of Vermont

Review of Keynesian Economics, 2013, vol. 1, issue 3, 288-299

Abstract: The First and Second Banks of the US (1791–1811 and 1816–1836 respectively) provide historical examples of quasi central banking institutions that fulfilled purposes beyond and other than monetary stabilization. Both Banks were chartered and organized for the purpose of addressing postwar public finance problems facing a young national government seeking to establish its independence from external powers and its internal integrity as a national entity. Both Banks performed monetary stabilization services as well, as a by-product of their public finance and nation-building roles.

Keywords: central banking; early US history; public finance (search for similar items in EconPapers)
JEL-codes: E42 E58 N22 (search for similar items in EconPapers)
Date: 2013
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