Banking History of the United States. Two centuries of lessons on money and crisis

Authors

  • Guillermo L. Ordóñez University of Pennsylvania y NBER

Keywords:

Banking History, United States, Banking Crises

Abstract

Two centuries of evolution in the American banking system offer valuable insights into the money created by banks, its role as a means of payment, and its fragility. This article encapsulates this historical journey, focusing on the significant impact that bank opacity and government guarantees appear to have on the efficiency and stability of banks and payment methods.

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References

Anderson, Haelim, Selman Erol, and Guillermo Ordoñez. (2022). “Interbank Networks in the Shadows of the Federal Reserve Act.” NBER Working Paper 27721.

Gorton, Gary (1985), “Clearinghouses and the Origin of Central Banking in the United States” Journal of Economic History 45, pp 277–83.

Gorton, Gary (2013). “The development of opacity in U.S. banking.” NBER Working Paper 19540.

Gorton, Gary and Guillermo Ordoñez. (2022) “The supply and demand for safe assets.” Journal of Monetary Economics, 125: pp 132–147.

Gorton, Gary and Guillermo Ordoñez. (2023) Macroeconomics and Financial Crises: Bound Together by Information Dynamics. Princeton University Press, Princeton, 2023

Moen, Jon and Ellis Tallman. (1992). “The Bank Panic of 1907: the Role of Trust Companies.” Journal of Economic History 52: pp 611-30.

Moen, Jon and Ellis Tallman. (2000): “Clearinghouse Membership and Deposit Contraction during the Panic of 1907.” Journal of Economic History 60: pp 145-63.

Rockoff, Hugh (1974). “Free banking era: A reexamination.” Journal of Money, Credit and Banking, 6, pp 141–167.

Rolnick, Arthur and Warren Weber. “New evidence on the free banking era”. American Economic Review, 73(5): pp 1080–1091.

Sanches, Daniel (2016). “The free-banking era: A lesson for today?” Economic Insights - Federal Reserve Bank of Philadelphia, Third Quarter: 9–14.

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Published

2023-08-31

How to Cite

Ordóñez, G. L. (2023). Banking History of the United States. Two centuries of lessons on money and crisis. Actualidad Económica, 33(110), 11–21. Retrieved from https://revistas.unc.edu.ar/index.php/acteconomica/article/view/43225

Issue

Vol. 33 No. 110 (2023): Mayo - Agosto

Section

Articles

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