Rethinking the Jacksonian economy: The impact of the 1832 bank veto on commercial banking
成果类型：
Article
署名作者：
University of Vermont
刊物名称：
JOURNAL OF ECONOMIC HISTORY
ISSN/ISSBN：
0022-0507
发表日期：
2006
页码：
541-574
关键词：
摘要：
Revisiting an old debate between traditional historians and New economic historians about the short-run monetary effects of President Jackson's war on the Second Bank, I offer new arguments for the traditionalists. I develop a framework accounting for growth in commercial bank credit based on the investment club characteristics of antebellum state-chartered banking and apply it to state bank balance sheet data for 1830-1836. The removal of the Second Bank indeed magnified the boom in commercial banking, and the replacement of Second Bank branches with state-chartered banks as lenders and federal government depositories amplified the boom in frontier lands and state debt.