JACKSONIAN MONETARY POLICY, SPECIE FLOWS, AND THE PANIC OF 1837

Peter L. Rousseau

76 citations0/0 files storedThe Journal of Economic History

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Monetary Policy and Economic Impact Historical Economic and Social Studies Banking stability, regulation, efficiency

Abstract

A number of hypotheses attempt to disentangle the “true” causes of the Panic of 1837 from domestic and international factors that came into play as the crisis approached. I analyze U.S. government documents and contemporary newspapers to reconsider the role of domestic factors. These sources place neither the official distribution of the federal surplus nor an international shock at the center. Rather, a series of interbank transfers of government balances and a policy-induced increase in the demand for coin in the Western states drained the largest New York City banks of their specie reserves and rendered the panic inevitable.

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References

1961Productivity Trends in the United States 1982Monetary Trends in the United States and the United Kingdom 1958Banks and Politics in America from the Revolution to the Civil War 1962Economic Growth of the United States 1963Productivity Trends in the United States.1980The Origins of Central Banking in the United States.

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