The National Banking Acts and the Transformation of New York City Banking During the Civil War Era

• 成果类型: Article
• 署名作者: University of Virginia; Columbia University
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050711001550
• 发表日期: 2011
• 页码: 338-362
• 关键词: correspondent banking; UNITED-STATES; hot money

摘要

Focusing on the New York banking sector, we analyze a neglected, but profound impact of the National Banking Acts. By resisting federal banking legislation and boycotting newly chartered national banks, the New York Clearing House Association members created market opportunities for the new entrants to dominate the correspondent banking market. The new entrants' aggressive tactics including interest payments on deposits increased their vulnerability to panicky withdrawals by country banks. They also magnified conflicts of interest within the clearinghouse, which weakened its central banking functions and further destabilized the macroeconomy.