The market for bank stocks and the rise of deposit banking in New York City, 1866-1897 PDF Download
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Author: Peter L. Rousseau
Publisher:
ISBN:
Category : Bank stocks
Languages : en
Pages : 31
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Book Description
The rapid growth of deposits in New York City over the three decades following the Civil War is often attributed to the release of pent-up demand for the services that transactions accounts could provide. I advance a complementary explanation that centers on the existence of an increasingly efficient market for bank shares. The stock market was important because it generated price and dividend quotations that signaled depositors about the soundness of individual banks, thereby directing the expansion. At the same time, innovations within the city's banks created conditions under which stock prices became more informative, reducing asymmetries between banks and depositors to a point where confidence in banks could grow. Using a new database of stock prices, dividends, and balance sheet items for traded New York City banks from 1866 to 1897, a series of dynamic panel data models supports the proposed mechanism.
Author: Peter L. Rousseau
Publisher:
ISBN:
Category : Bank stocks
Languages : en
Pages : 31
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Book Description
The rapid growth of deposits in New York City over the three decades following the Civil War is often attributed to the release of pent-up demand for the services that transactions accounts could provide. I advance a complementary explanation that centers on the existence of an increasingly efficient market for bank shares. The stock market was important because it generated price and dividend quotations that signaled depositors about the soundness of individual banks, thereby directing the expansion. At the same time, innovations within the city's banks created conditions under which stock prices became more informative, reducing asymmetries between banks and depositors to a point where confidence in banks could grow. Using a new database of stock prices, dividends, and balance sheet items for traded New York City banks from 1866 to 1897, a series of dynamic panel data models supports the proposed mechanism.
Author: Peter L. Rousseau
Publisher:
ISBN:
Category :
Languages : en
Pages : 31
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Book Description
Author: Historical Publishing Company (New York, N.Y.)
Publisher:
ISBN:
Category : Bankers
Languages : en
Pages : 240
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Book Description
Author:
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 220
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Book Description
Author: Bradford Dorr
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 232
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Book Description
Author: Robert Sobel
Publisher: Beard Books
ISBN: 9781893122666
Category : Business & Economics
Languages : en
Pages : 416
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Book Description
Author: Margaret Good Myers
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 522
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Book Description
Examines the New York Money Market from the early 1800's through 1863 with the passage of the National Bank Act with special attention to securities, loans and the foreign exchange market.
Author: Davis Rich Dewey
Publisher: Forgotten Books
ISBN: 9781333225254
Category : Business & Economics
Languages : en
Pages : 404
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Book Description
Excerpt from State Banking Before the Civil War, And, the Safety Fund Banking System in New York, 1829-1866 (3) Loans on real estate (4) Loans on merchandise (5) Loans on stocks (6) Exchange Length of loans_ Renewal of loans Amount of loan to any one person Loans to directors Partiality in making loans. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author: Robert F. Bruner
Publisher: John Wiley & Sons
ISBN: 1394180276
Category : Business & Economics
Languages : en
Pages : 457
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Book Description
An authoritative "biography" of one of history's great financial crises with enduring lessons about contemporary finance In this newly-revised second edition, offering 50% entirely new material, The Panic of 1907: Heralding a New Era of Finance, Capitalism, and Democracy, delivers a groundbreaking examination of one of the most consequential crises in financial history. Deftly weaving historical evidence, insightful analysis, and compelling narrative, The Panic of 1907 explains how and why a financial panic unfolds, with lessons that can be applied to our understanding of present-day financial and monetary systems. In the book, you'll find: The reasons why, despite today's stronger monetary regime and risk-mitigation tools, our modern institutions are not immune to future crises Explanations about the development of the United States' Federal Reserve System, which was created in 1913 in direct response to the Panic of 1907 An engaging and entertaining account of an innately fascinating period in financial and economic history, with remarkable leaders and a gallery of rogues An indispensable tale that belongs on the shelves of anyone with an interest in American or financial history, The Panic of 1907 is an expert retelling of one of the most important, but least well-known crises of the last 200 years.
Author: Mary A. O'Sullivan
Publisher: Oxford University Press
ISBN: 0191092525
Category : Business & Economics
Languages : en
Pages : 403
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Book Description
The unprecedented importance of finance in our societies, as well as its central role in provoking economic crises, has generated an enormous interest in understanding the historical origins and evolution of modern financial systems. Today the U.S. economy is seen as an archetype of a capitalist system in which securities markets play a central role. Moreover, these markets have had a high profile in some of the most dramatic moments in U.S. history, often in the context of crises. Dividends of Development: Securities Markets in the History of U.S. Capitalism, 1865-1922, explains how U.S. securities markets became central to the institutional fabric of U.S. capitalism. After the Civil War, these markets had a narrowly circumscribed relationship to the country's real economy, being largely dominated by railroad securities. Moreover, their role in the U.S. financial system was of limited significance given the relatively modest resources that financial institutions committed to investment in, and lending on, corporate securities. That situation was to undergo fundamental change from the Civil War through the end of World War 1 but the development of U.S. securities markets did not occur as a result of a smooth, or even, linear process. Instead, the book shows that the transformation of U.S. securities markets occurred through a process that was volatile and time-consuming, unscripted by powerful actors, and driven, above all else, by the dramatic but unstable character of the nation's economic development. These claims about the trajectory, the operation, and the underlying dynamics of the development of U.S. securities markets are brought together in a novel synthesis that portrays the historical evolution of securities markets in the United States as the "dividends" of the country's distinctive trajectory of economic development.
