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The Antebellum Money Market and the Economic Impact of the Bank War

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  • Sushka, Marie Elizabeth

Abstract

This paper examines the impact of the Bank War on the economic events of the 1830's. An economic model of the antebellum money market is developed and tested. Specifications for money demand and supply are drawn from contemporary monetary literature and empirically estimated. Next, the historical hypotheses are tested by exploring the structural stability of the model. The results clearly indicate that: the Bank War affected the economy because it altered the pattern of financial behavior; wildcat banking was not characteristic of the post-Bank period; and finally, the Panic of 1837 was the result of a severe monetary contraction.

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  • Sushka, Marie Elizabeth, 1976. "The Antebellum Money Market and the Economic Impact of the Bank War," The Journal of Economic History, Cambridge University Press, vol. 36(4), pages 809-835, December.
    • Handle: RePEc:cup:jechis:v:36:y:1976:i:04:p:809-835_09
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    Cited by:

    1. Highfield, Richard A. & O'Hara, Maureen & Smith, Bruce, 1996. "Do open market operations matter? Theory and evidence from the Second Bank of the United States," Journal of Economic Dynamics and Control, Elsevier, vol. 20(1-3), pages 479-519.
    2. Hugh Rockoff, 1999. "How Long Did It Take the United States to Become an Optimal Currency Area?," Departmental Working Papers 199910, Rutgers University, Department of Economics.

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