The Payment System and Liquidity Provision during the US National Banking Era

Laurent Le Maux

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Abstract: This essay distinguishes hand-to-hand currency shortage from the funding liquidity crisis in order to apprehend the nature of disruptions of the payment system during the US National Banking Era (1863–1913). Different analytical categories are thus inferred, namely, runs to currency and to liquidity, seasonality and instability of the interest rate, and issuance of small-denominated certificates and large-denominated loan certificates by the Clearing Houses. All of these categories were particularly intertwined under the National Banking System, which may have led to a quid pro quo related to the expected functions of the Federal Reserve System.

Keywords: National Banking System; liquidity provision; lender of last resort (search for similar items in EconPapers)
Date: 2013
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Published in Comparative Economic Studies, 2013, 55 (1), pp.459-473. ⟨10.1057/ces.2013.12⟩

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Journal Article: The Payment System and Liquidity Provision during the US National Banking Era (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01399603

DOI: 10.1057/ces.2013.12

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