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The International Origins of the Federal Reserve System / J. Lawrence Broz.

By: Material type: TextTextPublisher: Ithaca, NY : Cornell University Press, [2018]Copyright date: ©2009Description: 1 online resource (286 p.) : 20 tables, 6 charts/graphsContent type:
Media type:
Carrier type:
ISBN:
  • 9781501722370
Subject(s): DDC classification:
  • 332.1/1/0973 23
LOC classification:
  • HG2563 .B68 1997eb
Other classification:
  • online - DeGruyter
Online resources:
Contents:
Frontmatter -- Contents -- Figures and Tables -- Preface -- Introduction -- 1. The Federal Reserve Act: Content and Contending Explanations -- 2. The Economics and Politics of International Currency Use -- 3. The International Economy, Patterns of Currency Use, and Domestic Politics -- 4. The Rise of the U.S. Economy and the Banking Reform Movement -- 5. Collective Action for Banking Reform -- 6. The Origins of Other Central Banks -- Index
Summary: The Federal Reserve Act of 1913 created the infrastructure for the modern American payments system. Probing the origins of this benchmark legislation, J. Lawrence Broz finds that international factors were crucial to its conception and passage. Until its passage, the United States had suffered under one of the most inefficient payment systems in the world. Serious banking panics erupted frequently, and nominal interest rates fluctuated wildly. Structural and regulatory flaws contributed not only to financial instability at home but also to the virtual absence of the dollar in world trade and payments.Key institutional features of the Federal Reserve Act addressed both these shortcomings but it was the goal of internationalizing usage of the dollar that motivated social actors to pressure Congress for the improvements. With New York bankers in the forefront, an international coalition lobbied for a system that would reduce internal problems such as recurring panics, and simultaneously allow New York to challenge London's preeminence as the global banking center and encourage bankers to make the dollar a worldwide currency of record. To those who organized the political effort to pass the Act, Broz contends, the creation of the Federal Reserve System was first and foremost a response to international opportunities.
Holdings
Item type Current library Call number URL Status Notes Barcode
eBook eBook Biblioteca "Angelicum" Pont. Univ. S.Tommaso d'Aquino Nuvola online online - DeGruyter (Browse shelf(Opens below)) Online access Not for loan (Accesso limitato) Accesso per gli utenti autorizzati / Access for authorized users (dgr)9781501722370

Frontmatter -- Contents -- Figures and Tables -- Preface -- Introduction -- 1. The Federal Reserve Act: Content and Contending Explanations -- 2. The Economics and Politics of International Currency Use -- 3. The International Economy, Patterns of Currency Use, and Domestic Politics -- 4. The Rise of the U.S. Economy and the Banking Reform Movement -- 5. Collective Action for Banking Reform -- 6. The Origins of Other Central Banks -- Index

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http://purl.org/coar/access_right/c_16ec

The Federal Reserve Act of 1913 created the infrastructure for the modern American payments system. Probing the origins of this benchmark legislation, J. Lawrence Broz finds that international factors were crucial to its conception and passage. Until its passage, the United States had suffered under one of the most inefficient payment systems in the world. Serious banking panics erupted frequently, and nominal interest rates fluctuated wildly. Structural and regulatory flaws contributed not only to financial instability at home but also to the virtual absence of the dollar in world trade and payments.Key institutional features of the Federal Reserve Act addressed both these shortcomings but it was the goal of internationalizing usage of the dollar that motivated social actors to pressure Congress for the improvements. With New York bankers in the forefront, an international coalition lobbied for a system that would reduce internal problems such as recurring panics, and simultaneously allow New York to challenge London's preeminence as the global banking center and encourage bankers to make the dollar a worldwide currency of record. To those who organized the political effort to pass the Act, Broz contends, the creation of the Federal Reserve System was first and foremost a response to international opportunities.

Mode of access: Internet via World Wide Web.

In English.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 26. Apr 2024)