Search Results
Journal Article
Poverty in the South
Journal Article
Lessons from the panic of 1907
Journal Article
Diversity and balanced growth: Tennessee stays on track
Journal Article
Tennessee: challenges ahead
Journal Article
Private sector responses to the Panic of 1907: a comparison of New York and Chicago
The trend toward greater provision of payments services by nonbank providers raises a question for regulators: What if these nonbank institutions suffer unfavorable balances or experience a run? The authors of this article look to the Panic of 1907 as an example of how private market participants, in the absence of government institutions, react to a crisis in their industry. They suggest that New York's and Chicago's contrasting experiences during the panic may provide useful lessons for both regulators and market participants. ; The article compares responses to the panic by bank ...
Working Paper
New York and the politics of central banks, 1781 to the Federal Reserve Act
The paper provides a brief history of central banking institutions in the United States. Specifically, the authors highlight the role of New York banking interests in the legislations affecting the creation or expiration of central banking institutions. In our previous research we have detected that New York City banking entities usually exert substantial influence on legislation, greater than their large proportion of United States? banking resources. The authors describe how this influence affected the success or failure of central banking movements in the United States, and the authors use ...
Working Paper
The call loan market in the U.S. financial system prior to the Federal Reserve System
The call loan market in New York City played a central role in funding the expansion of economic growth and capital investment in the United States in the late 1800s and early 1900s. Changes in the identity of the intermediaries providing those funds help explain why the movement for the establishment of a central bank in the United States took hold only after the panic of 1907. The growing significance of nonclearinghouse creditors to the call money market diluted the relative financial influence of the New York City bankers and compromised the apparent ?coinsurance? arrangement between ...