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

Laurent Le Maux | Zendy

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

Author(s) -

Laurent Le Maux

Publication year - 2013

Publication title -

comparative economic studies

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.306

H-Index - 20

eISSN - 1478-3320

pISSN - 0888-7233

DOI - 10.1057/ces.2013.12

Subject(s) - market liquidity , clearing , currency , payment , payment system , business , financial system , convertibility , lender of last resort , funding liquidity , order (exchange) , loan , economics , interest rate , economic shortage , monetary economics , finance , liquidity crisis , monetary policy , central bank , linguistics , philosophy , government (linguistics)

International audienceThis 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

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