The Great Financial Crisis of 1914: What Can We Learn from Aldrich-Vreeland Emergency Currency?

@article{Silber2007TheGF,
  title={The Great Financial Crisis of 1914: What Can We Learn from Aldrich-Vreeland Emergency Currency?},
  author={William L. Silber},
  journal={Business History eJournal},
  year={2007}
}
  • W. Silber
  • Published 19 September 2007
  • Economics
  • Business History eJournal
At the outbreak of World War I, the biggest gold outflow in a generation posed a double-barreled threat to American finance: An internal drain of currency from the banking system and an external drain of gold to Europe. The absence of an operational central bank encouraged Treasury Secretary William G. McAdoo to improvise the modern principle of aiming an independent weapon at each policy target. He employed a form of capital controls to deal with the external threat, shutting the New York… Expand
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