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The nation-building purposes of early US central banks

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  • Jane Knodell

    (University of Vermont)

Abstract

The First and Second Banks of the US (1791–1811 and 1816–1836 respectively) provide historical examples of quasi central banking institutions that fulfilled purposes beyond and other than monetary stabilization. Both Banks were chartered and organized for the purpose of addressing postwar public finance problems facing a young national government seeking to establish its independence from external powers and its internal integrity as a national entity. Both Banks performed monetary stabilization services as well, as a by-product of their public finance and nation-building roles.

Suggested Citation

  • Jane Knodell, 2013. "The nation-building purposes of early US central banks," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(3), pages 288-299, January.
    • Handle: RePEc:elg:rokejn:v:1:y:2013:i:3:p288-299
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    References listed on IDEAS

    as
    1. David A. Martin, 1968. "Bimetallism in the United States before 1850," Journal of Political Economy, University of Chicago Press, vol. 76(3), pages 428-428.
    2. Garbade, Kenneth D., 2012. "Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262016370, April.
    3. Knodell, Jane, 2003. "Profit and duty in the Second Bank of the United States' exchange operations," Financial History Review, Cambridge University Press, vol. 10(01), pages 5-30, April.
    4. Knodell, Jane, 1998. "The Demise of Central Banking and the Domestic Exchanges: Evidence from Antebellum Ohio," The Journal of Economic History, Cambridge University Press, vol. 58(3), pages 714-730, September.
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    More about this item

    Keywords

    central banking; early US history; public finance;
    All these keywords.

    JEL classification:

    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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