Full Citation
Title: State Banks and the National Banking Acts: Measuring the Response to Increased Financial Regulation, 18601870
Citation Type: Journal Article
Publication Year: 2013
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Abstract: The data show that the decline of state banks was not simply due to their adoption of national charters. Instead, nearly a third closed permanently between 1863 and 1870. The regressions indicate that the legislation's high capital requirements prevented national banks from operating in rural areas, whereas the bank note tax drove the remaining small state banks out of business. The result was a loss of banks in agricultural areas and an accumulation of banks in industrial ones. The new national banks also do not seem to have been created by displaced state bankers, but rather, the legislation encouraged note and security brokers to obtain bank charters by eliminating the need for note trading and discounting
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Authors: Jaremski, Matthew
Periodical (Full): Journal of Money, Credit, and Banking
Issue: 2
Volume: 45
Pages: 379-399
Data Collections: IPUMS NHGIS
Topics: Other
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