EMERGENCY CURRENCY AND THE 1914 BANKING CRISIS: IMPLICATIONS FOR FINANCIAL DEREGULATION

Abstract

Professor Richard Timberlake (1984) recently suggested that the Federal Reserve System (Fed) was made unnecessary by the clearinghouse loan certificate (CLOC). This paper presents evidence that the Fed was rendered unnecessary by Aldrich‐Vreeland Act Currency (AVAC).

Citation

WELLS, D.R. and SCRUGGS, L.S. (1986), "EMERGENCY CURRENCY AND THE 1914 BANKING CRISIS: IMPLICATIONS FOR FINANCIAL DEREGULATION", Studies in Economics and Finance, Vol. 10 No. 2, pp. 27-46. https://doi.org/10.1108/eb028667