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Journal Article
Wildcat banking, banking panics, and free banking in the United States
Dwyer, Gerald P. (1996-12)
Banks in the United States issued currency with no oversight of any kind by the federal goverment from 1837 to 1865. Many of these banks were part of "free banking" systems with no discretionary approval of entry into banking, and these banks issued notes that were used for payments in transactions just as Federal Reserve notes are today. There was no central bank or goverment insurance, and the ultimate guarantee of the value of a bank's notes was the value of the bank's assets. As the author indicates, these banknotes have similarities to some forms of electronic money. ; Free banking in ...
Economic Review , Volume 81 , Issue Dec , Pages 1-20

Journal Article
Payments system safety evolved from national banking era lessons
anonymous (1996-04)
Financial Update , Volume 9 , Issue Apr , Pages 7

Journal Article
The new thrift act: mending the safety net
Schiller, Timothy G.; Lang, Richard W. (1989-11)
Business Review , Issue Nov , Pages 3-8

Journal Article
Private sector responses to the Panic of 1907: a comparison of New York and Chicago
Tallman, Ellis W.; Moen, Jon R. (1995-03)
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 ...
Economic Review , Volume 80 , Issue Mar , Pages 1-9

Journal Article
Firewalls
Walter, John R. (1996-10)
Economic Quarterly , Issue Fall , Pages 15-39

Journal Article
The lender of last resort : alternative views and historical experience
Bordo, Michael D. (1990-01)
Four views on the proper role of the lender of last resort are defined. Historical evidence is given on the causes of banking panics in the U.S. and other countries and the roles lenders of last resort played in resolving them.
Economic Review , Volume 76 , Issue Jan , Pages 18-29

Report
A survey of the origins and purposes of deposit protection programs
Radecki, Lawrence J. (1990)
Research Paper , Paper 9034

Journal Article
Lender of last resort: the concept in history
Humphrey, Thomas M. (1989-03)
Henry Thornton (1760-1815) and Walter Bagehot (1826-1877) laid down a set of rules for stopping banking panics and crises. Known collectively as the classical theory of the lender of last resort, those rule stressed (1) protecting the aggregate money stock, not individual institutions, (2) letting insolvent institutions fail, (3) accommodating sound but temporarily illiquid institutions only, (4) charging penalty rates, (5) requiring good collateral, and (6) preannouncing these conditions in advance of crises so as to remove uncertainty. These precepts continue to inform central bank policy ...
Economic Review , Volume 75 , Issue Mar , Pages 8-16

Report
Risks and failures in banking: overview, history, and evaluation
Benston, George J.; Kaufman, George G. (1986)
Staff Memoranda , Paper 86-1

Journal Article
Banking in Georgia, 1865-1929
Carlson, Leonard A. (1992-11)
Economic Review , Issue Nov , Pages 28-37

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