Why Join the Fed?

نویسندگان

چکیده

We study the decisions of state-chartered banks to join Fed in its first decade. Ours is combine state regulatory environment characteristics and individual bank explain membership choice. Regulatory environments that reduced benefit discount window access or increased cost joining led fewer joining. Individual affected magnitude benefits from accessing (either passing on liquidity risk reduction respondents reducing member bank’s own seasonal risk) were even more important determining which joined. I believe that, through Federal Reserve Banks, … better shall we be equipped cope with problems ahead us, helping ourselves world; it duty every country contribute share equipping our nation for this task; firmly future will belong those banks—national state—that are members System. —Paul Warburg, Speech at New York State Bankers’ Association Convention, 9 June 1916

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ژورنال

عنوان ژورنال: The Journal of Economic History

سال: 2022

ISSN: ['0022-0507', '1471-6372']

DOI: https://doi.org/10.1017/s0022050722000237