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The New York Money Market and the Finance of Trade, 1900–1913

The New York Money Market and the Finance of Trade, 1900–1913

C. A. E. Goodhart

ISBN 9780674619500

Publication date: 01/01/1969

In the United States during the early years of the twentieth century, there were considerable seasonal variations in the balance of trade, primarily caused by the annual agricultural cycle. This intensive examination of the New York money market during the period demonstrates that the frequent fluctuations in monetary conditions were caused by these variations in the trade flows rather than by capital movements by banks. Some of the criticism of the structure of the banking system by contemporary economists, which encouraged the adoption of the Federal Reserve System, is shown to have been misplaced.

Book Details

  • 248 pages
  • Harvard University Press

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