The First Bank of the United States and the Securities Market Crash of 1792
Bibliographic Data
| ID | 4862887 |
|---|---|
| Authors | David J Cowen, David Cowen (Deutsche Bank, corresponding author) |
| Year | 2000 |
| Volume | 60 |
| Issue | 04 |
| Pages | 1041-1060 |
| Publication date | 2000-12-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | The Journal of Economic History (JOURNAL) |
| Journal identifiers | ISSN: 0022-0507 • E-ISSN: 1471-6372 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s0022050700000449 |
| OpenAlex | W4230584086 |
| Language | EN |
| Citations received | 5 |
| References cited | 5 |
In 1791 the $10 million capitalization of the First Bank of the United States was vastly greater than the combined capital of all other banks. The Bank had an enormous impact on the economy within two months of opening its doors for business by flooding the market with its discounts and banknotes and then sharply reversing course and curtailing liquidity. Although the added liquidity initially helped push a rising securities market higher, the subsequent drain caused the first U.S. securities market crash by forcing speculators to sell their stocks. Several reasons are analyzed for the Bank's credit restriction
Business · Capitalization · Crash · Economics · Financial system · Investment banking · Market liquidity · Market maker · Monetary economics · Speculation · Stock market · Economic, financial, and policy analysis · Finance
| Unique citing works | 4 |
|---|---|
| Citations per year | 0,29 |
| Citation span | 2009 - 2024 (16) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 3 |