Journal of Banking & Finance Vol. 87 2018
The dawn of an ‘age of deposits’ in the United States
Abstract
Individual deposits in the United States grew from 5% to 23% of GDP between 1863 and 1913. A comprehensive database shows bank entry underlying this trend while historical events, including the National Banking Acts, resumption in 1879, and the election of 1896, influenced deposits at the bank-level. The nation's embrace of deposits was thus driven by stability of the monetary system and confidence in the safety and utility of established and well-capitalized banks. Bank-level and county-level regressions confirm these patterns for national banks over the entire postbellum period and for a sample of Midwest state and national banks from 1888.
- DOI
- 10.1016/j.jbankfin.2017.10.010
- Volume
- 87
- Pages
- 264-281
- Language
- en
- Sources
- bibtex:phds-export.bib openalex crossref