| Project/Area Number |
17530242
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Wakayama University |
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Principal Investigator |
KATAGIRI Ken Wakayama University, Economics, Professor (90233741)
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| Co-Investigator(Kenkyū-buntansha) |
OMORI Takuma Niigata University, Economics, Associate Professor (00334219)
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| Project Period (FY) |
2005 – 2007
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| Project Status |
Completed (Fiscal Year 2007)
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| Budget Amount *help |
¥2,080,000 (Direct Cost: ¥1,900,000、Indirect Cost: ¥180,000)
Fiscal Year 2007: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2006: ¥600,000 (Direct Cost: ¥600,000)
Fiscal Year 2005: ¥700,000 (Direct Cost: ¥700,000)
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| Keywords | Federal Reserve System / central bank / gold standard / free banking / Suffolk Bank / lender of the last resort / panic / bimetallism / 貨幣秩序 / 信用秩序 / 銀行制度の自生性 / ルールと裁量 / 国民通貨 / 中央銀行論 / 秩序管理 / インディアナ / 国法銀行制度 / 債務保証 / グリーンバックス |
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| Research Abstract |
We examine the origins of the Federal Reserve System in terms of both the transformation of the monetary regime and society's need for a credible lender of last resort. The United States, the country with the largest single share of global gold reserves, established a central bank in 1913. The Federal Reserve System, in conjunction with provisions of the gold standard still in operation, was responsible for the global shift. Other countries, concerned about the stability of their gold reserves, had an incentive to minimize interest-rate differentials vis-a-vis the United States. America having emerged as a large player in international financial markets, other countries were compelled to adopt their behavior to changes in the monetary regime in the United States.
The Suffolk Bank System showed how banks in a trading area may develop a credit system and a uniform currency that is centered on a major institution. By 1825, country notes passed through the Suffolk System at par. Consequently, New England was blessed with a uniform currency. The Suffolk System was the predecessor to the modern practice of requiring reserve deposits of member banks in the Federal Reserve System. In addition to making a market for a nearly uniform currency, the Suffolk Bank was the principal holder of the region's reserve and provided overdraft privileges for members with deficient balances. The relative mildness of New England's depression following the Panic of 1837 owed something to the Suffolk Bank's "central bank-like" lending.
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