Illinois Free Banking Experience

Andrew J Economopoulos

Journal of Money, Credit and Banking, 1988, vol. 20, issue 2, 249-64

Abstract: Recent studies by A. J. Rolnick and W. E. Weber (1983, 1984) suggest that the conventional view of wildcat banking during the free banking era misrepresents the actual experience, and that the problems of th e period were linked to a restriction imposed on the free bank rather than the lack of regulation. Illinois' free banking experience is re examined to see if the traditional account of wildcat banking accurat ely portrays the actual experience and to test the validity of the Ro lnick and Weber assertions. The Illinois evidence shows that the trad itional accounts of wildcat banking were exaggerated and that the Rol nick and Weber assertions are substantiated. Copyright 1988 by Ohio State University Press.

Date: 1988
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