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The International Origins of the Federal Reserve System

Autor J. Lawrence Broz
en Limba Engleză Paperback – 2 sep 2009
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.
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Specificații

ISBN-13: 9780801475955
ISBN-10: 0801475953
Pagini: 286
Ilustrații: 26
Dimensiuni: 152 x 229 x 20 mm
Greutate: 0.43 kg
Editura: MB – Cornell University Press

Descriere

The argument in this book is of very great interest for understanding current battles over financial institutions around the world. And it is of great interest to students of institutional creation and design more broadly."--Political Science Quarterly