The International Origins of the Federal Reserve System
By (author) J. Lawrence Broz
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International Origins of the Federal Reserve System by J. Lawrence Broz
Book DescriptionThe Federal Reserve Act of 1913 created the infrastructure for the modern American payments system. Probing the origins of this benchmark legislation, the author of this study finds that international factors were crucial to its conception and passage. Until its passage, the USA 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 which motivated social actors to pressure Congress for the improvements. With New York bankers in the forefront, an international coalition lobbied for a system which would reduce internal problems such as recurring panics and simultaneously allow New York to challenge London's pre-eminence as the global banking centre 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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Book DetailsISBN: 9780801433320
(229mm x 152mm x 24mm)
Imprint: Cornell University Press
Publisher: Cornell University Press
Publish Date: 16-Oct-1997
Country of Publication: United States
Books By Author J. Lawrence Broz
International Origins of the Federal Reserve System, Paperback (September 2009)
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
Political Economy of Monetary Institutions, Paperback (October 2003)» View all books by J. Lawrence Broz
Political economists consider the political and economic factors that affect a country's choice of monetary institutions.
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