Money and Capital Markets in Postbellum America by John A. James

By John A. James

Postbellum monetary switch within the usa required an effective process through which capital can be transferred to parts the place it used to be fairly scarce. In assessing the constitution that advanced to satisfy this want, John James offers a brand new and convincing rationalization of the forces underlying the mixing of separate and native funds markets to shape a countrywide market.

to appreciate the position of economic markets in the course of the interval, the writer examines the associations and operations of the banking procedure intimately. not like the now-prevailing view between students, Professor James reveals that the banking procedure was once rather adaptable in responding to institutional constraints, and he focuses particularly at the position of the correspondent banking procedure. the second one a part of his e-book assesses the functionality of the marketplace and the forces selling switch through the interval. Drawing on a brand new and extra conscientiously derived set of rates of interest, the writer exams competing hypotheses to give an explanation for integration and advances a extra passable substitute thought. He bargains the 1st smooth research of yankee monetary associations of the interval among the Civil warfare and the institution of the Federal Reserve procedure. In so doing, he provides to our wisdom of the old position of finance and capital in fiscal development.

Originally released in 1978.

The Princeton Legacy Library makes use of the most recent print-on-demand know-how to back make on hand formerly out-of-print books from the celebrated backlist of Princeton college Press. those paperback variants guard the unique texts of those vital books whereas proposing them in sturdy paperback variants. The aim of the Princeton Legacy Library is to significantly bring up entry to the wealthy scholarly background present in the millions of books released by means of Princeton collage Press due to the fact its founding in 1905.

Show description

Read or Download Money and Capital Markets in Postbellum America PDF

Similar money & monetary policy books

Monetary Standards and Exchange Rates

During this quantity a global workforce of wonderful financial historians research the old adventure of trade price behaviour less than diverse financial regimes. the main target is on metal criteria and glued trade premiums, equivalent to the top of the line. With its mix of thematic overviews and case experiences of the main nations and sessions, the e-book drastically complements our figuring out of prior financial platforms.

Globalizing Capital: A History of the International Monetary System (Second Edition)

First released greater than a decade in the past, Globalizing Capital is still an imperative a part of the commercial literature this day. Written by means of popular economist Barry Eichengreen, this vintage booklet emphasizes the significance of the foreign financial process for knowing the foreign financial system. short and lucid, Globalizing Capital is meant not just for economists, but additionally a normal viewers of historians, political scientists, execs in executive and enterprise, and an individual with a large curiosity in diplomacy.

The Chinese Yuan: Internationalization and Financial Products in China

Few subject matters have attracted as a lot consciousness world wide in recent times because the RMB. those debates have received further urgency in gentle of the monetary drawback and the subject of RMB revaluation is now being actively debated in nations worldwide from Tunisia to the USA. This booklet explores the ever-changing position of the RMB and the comparable by-product items.

Additional resources for Money and Capital Markets in Postbellum America

Example text

Fogel and S. , Reinterpretation of American Economic History (New York: Harper & Row, 1971), p. 393; Davis, "The Investment Market," p. 369. Figure 4. Interregional Short-Term Interest Rate Differentials with Region I, Country Banks. YEAR REG VI REG V REG IV REG I I I REG I I Brought to you by | Cambridge University Libra Authenticated Download Date | 6/18/16 3:36 PM DIFFERENTIAL INTEREST RATE INTRODUCTION narrow the gap with New England significantly in the late 1890s. By 1900 North Central and New England rates are virtually equal; after 1900 the difference is always less than 1 percentage point.

We may note that the movements in our real interest rate series correlate fairly well with, the pattern of long swings or Kuznets cycles. In the period 1888-1911 the pattern of long swings shows a peak in 1892, a trough in 1896, and a peak in 1907. In the real and nominal series we see a high point in the early 1890s. However, the trough in the nominal series comes around 1896, but in the real series, not until around 1900. The next peak, in 1907, shows up quite distinctly in every region in the real series, but no upward movement at all is evident in the nominal series around that date.

Nevertheless, even though adequate measures of the spread of deposit banking are difficult to construct, it is clear that the use of checks and deposit banking were spreading rapidly. Even in the early part of the nineteenth century, the amount of deposits of banks in commercial centers almost consistently was greater than the volume of their notes in circulation,20 and the practice spread from urban areas into the countryside during the antebellum period. 21 This increasing use of de19 Richard Keehn, "Federal Bank Policy, Bank Market Structure, and Bank Performance: Wisconsin, 1863-1914," Business History Review, XLVIII (Spring 1974), pp.

Download PDF sample

Rated 4.49 of 5 – based on 14 votes