IDEAS home Printed from https://ideas.repec.org/h/spr/sprchp/978-981-16-6783-1_2.html
   My bibliography  Save this book chapter

The United States: The First Formalization of Banking Supervision

In: Formalization of Banking Supervision

Author

Listed:
  • Eiji Hotori

    (Yokohama National University)

  • Mikael Wendschlag

    (Uppsala University)

  • Thibaud Giddey

    (University of Oxford)

Abstract

This chapter examines the formalization of banking supervision in the United States (US), focusing on the federal level. During the “free banking era” from the late 1830s to 1864, several state governments created banking supervisory systems at the state level. Triggered by the fiscal needs of the Civil War, as well as the demand for a national currency, the US became the first country to introduce uniform nationwide banking supervision with the creation of the Office of the Comptroller of the Currency (OCC) and the national banking system. The main purpose of the OCC was to ensure that the national banks did not violate the regulations related to the new currency, the US dollar. From a historical perspective, the rapid social and economic development of the US from the 1850s provided the background for this institutional change. Although the US case demonstrates that financial crises have not always driven the formalization of banking supervision, the crises of 1907 and the Great Depression served to further strengthen the formalization of banking supervision by prompting the introduction of multi-agency banking supervision in the US.

Suggested Citation

  • Eiji Hotori & Mikael Wendschlag & Thibaud Giddey, 2022. "The United States: The First Formalization of Banking Supervision," Springer Books, in: Formalization of Banking Supervision, chapter 0, pages 23-41, Springer.
    • Handle: RePEc:spr:sprchp:978-981-16-6783-1_2
    DOI: 10.1007/978-981-16-6783-1_2
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:sprchp:978-981-16-6783-1_2. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.