The First Bank of the United States and the securities market crash of 1792
成果类型：
Article
署名作者：
Cowen, DJ
刊物名称：
JOURNAL OF ECONOMIC HISTORY
ISSN/ISSBN：
0022-0507
发表日期：
2000
页码：
1041-1060
关键词：
摘要：
In 1791 the $10 million capitalization of the First Bank of the United States was vastly greater than the combined capital of all other banks. The Bank had an enormous impact on the economy within two months of opening its doors for business by flooding the market with its discounts and banknotes and then sharply reversing course and curtailing liquidity. Although the added liquidity initially helped push a rising securities market higher, the subsequent drain caused the first U.S. securities-market crash by forcing speculators to sell their stocks. Several reasons are analyzed for the Bank's credit restriction.