The Institutional Foundations of Personal Finance
Innovation in U.S. Savings Banks, 1880s–1920s
Bibliographic Data
| ID | 9623593 |
|---|---|
| Authors | R Daniel Wadhwani (0000-0002-9342-3285, corresponding author) |
| Year | 2011 |
| Volume | 85 |
| Issue | 3 |
| Pages | 499-528 |
| Publication date | 2011-01-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Business History Review (JOURNAL) |
| Journal identifiers | ISSN: 0007-6805 • E-ISSN: 2044-768X |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s000768051100078x |
| OpenAlex | W2142970922 |
| Language | EN |
| Citations received | 7 |
| References cited | 56 |
The system of personal finance that developed in the United States was more fragmented than comparative arrangements in most industrializing countries, where savings banks had become large, diversified financial institutions. The federalist political structure of the U.S., combined with lobbying by existing intermediaries, inhibited the establishment of a centralized public provider of financial services for households such as emerged elsewhere. Moreover, the United States did not develop strong, diversified savings institutions at the local level, due in part to regulations that stifled innovation by savings banks and in part to the risk-averse organizational culture of the banks themselves. These factors enabled the proliferation of specialized intermediaries that aggressively marketed new financial services to households and facilitated the growth of new patterns of financial behavior among ordinary Americans
Business · Economics · Federalist · Financial intermediary · Financial services · Financial system · Intermediary · Political science · Politics · Finance · Financial Literacy, Pension, Retirement Analysis · Housing Market and Economics · Housing, Finance, and Neoliberalism
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| Unique citing works | 7 |
|---|---|
| Citations per year | 0,47 |
| Citation span | 2011 - 2024 (14) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 7 |