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    Was There a Note Issue Conundrum in the Free Banking Era?

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    JMCB Article (559.2Kb)
    Date
    1995-08
    Author
    Haupert, Michael J.
    Bodenhorn, Howard
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    Abstract
    The article focuses on the note issue paradox of American banking in the post-Civil War era. An overview of the conundrum is given, highlighting national bank behaviors inconsistent with profit-maximizing principles and several historiographical interpretations of the behavior, namely that they did not expand note issues in beneficial conditions to do so. Additional examination is offered to free-regime state banks, noting similarities in cost and risk environments to the following national bank-regime era. Conclusions are offered suggesting unseen risk perceptions that prevented the profitable venture.
    Subject
    banking, history, free banking era, national bank note paradox
    Permanent Link
    http://digital.library.wisc.edu/1793/38945
    Citation
    Journal of Money, Credit, and Banking, Vol. 27, No. 3 (August 1995)
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    • UW-L Faculty Publications

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