The Origins of Central Banking in the United States

1979 ◽  
Vol 66 (2) ◽  
pp. 391
Author(s):  
Peter Temin ◽  
Richard H. Timberlake
Keyword(s):  
United States ◽  
The United States ◽  
Central Banking

The Demise of Central Banking and the Domestic Exchanges: Evidence from Antebellum Ohio

1998 ◽  
Vol 58 (3) ◽  
pp. 714-730 ◽  
Author(s):  
Jane Knodell
Keyword(s):  
United States ◽  
Exchange Rates ◽  
The United States ◽  
Central Banking ◽  
Institutional Transition ◽  
Payments System ◽  
Insurance Costs

This article describes the institutional transition from a centrally managed interregional payments system to an unmanaged, decentralized one after President Andrew Jackson's veto of the rechartering of the Second Bank of the United States, and evaluates the effect on the level and variability of exchange rates. Comparison of the reduction in specie points, driven by falling transportation and insurance costs, with the reduction in exchange rates in two Ohio cities over the period from 1830 to 1859 lends support to the article's conclusion that decentralization was one cause of higher and more volatile inland exchange rates.

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