Rethinking the Jacksonian Economy: The Impact of the 1832 Bank Veto on Commercial Banking

@article{Knodell2006RethinkingTJ,
  title={Rethinking the Jacksonian Economy: The Impact of the 1832 Bank Veto on Commercial Banking},
  author={Jane E. Knodell},
  journal={The Journal of Economic History},
  year={2006},
  volume={66},
  pages={541 - 574}
}
Revisiting an old debate between “traditional” historians and “New” economic historians about the short-run monetary effects of President Jackson's war on the Second Bank, I offer new arguments for the traditionalists. I develop a framework accounting for growth in commercial bank credit based on the “investment club” characteristics of antebellum state-chartered banking and apply it to state bank balance sheet data for 1830–1836. The removal of the Second Bank indeed magnified the boom in… Expand
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