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Politics on the road to the U.S. monetary union

By Peter L. Rousseau A

Abstract

Is political unity a necessary condition for a successful monetary union? The early United States seems a leading example of this principle. But the view is misleadingly simple. I review the historical record and uncover signs that the United States did not achieve a stable monetary union, at least if measured by a uniform currency and adequate safeguards against systemic risk, until well after the Civil War and probably not until the founding of the Federal Reserve. Political change and shifting policy positions end up as key factors in shaping the monetary union that did ultimately emerge

Topics: JEL Codes, N11, N21, E42, E44 Keywords, colonial currency, Bank of the United States, Jacksonian monetary policy, free banking, National Banking System, Federal Reserve System. a
Year: 2013
OAI identifier: oai:CiteSeerX.psu:10.1.1.352.4503
Provided by: CiteSeerX
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