An Examination of Country Member Bank Cash Balances of the 1930s: A Test of Alternative Explanations
Around March 1933, commercial banks began accumulating unprecedented amounts of cash. Uncertainty over deposits and loans, low interest rates relative to brokerage fees, and costly de novo capital have been used to explain this behavior. This paper employs aggregate call-date data for country member...
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| Veröffentlicht in: | Southern economic journal 2000-04, Vol.66 (4), p.923-941 |
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| container_title | Southern economic journal |
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| creator | Wm. Stewart Mounts, Jr Sowell, Clifford B. Saxena, Atul K. |
| description | Around March 1933, commercial banks began accumulating unprecedented amounts of cash. Uncertainty over deposits and loans, low interest rates relative to brokerage fees, and costly de novo capital have been used to explain this behavior. This paper employs aggregate call-date data for country member banks in the 12 Federal Reserve districts to formally investigate the role of these factors in the accumulation. The results indicate a minimal, if any, role for these factors. The findings suggest that it was the unintended consequence of unprecedented deposit growth in the face of large scale-related adjustment costs. |
| doi_str_mv | 10.1002/j.2325-8012.2000.tb00303.x |
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The findings suggest that it was the unintended consequence of unprecedented deposit growth in the face of large scale-related adjustment costs.</description><subject>Adjustment costs</subject><subject>Bank assets</subject><subject>Bank loans</subject><subject>Bank markets</subject><subject>Bank reserves</subject><subject>Banking industry</subject><subject>Banking regulation</subject><subject>Banks</subject><subject>Business cycles</subject><subject>Cash</subject><subject>Cash management</subject><subject>Civic holidays</subject><subject>Commercial banks</subject><subject>Economic models</subject><subject>Economic theory</subject><subject>Federal Reserve Bank</subject><subject>Fees</subject><subject>History</subject><subject>Interest rates</subject><subject>Statistical analysis</subject><subject>Studies</subject><subject>Uncertainty</subject><issn>0038-4038</issn><issn>2325-8012</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2000</creationdate><recordtype>article</recordtype><sourceid>K30</sourceid><sourceid>8G5</sourceid><sourceid>ABUWG</sourceid><sourceid>AFKRA</sourceid><sourceid>AZQEC</sourceid><sourceid>BEC</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><sourceid>GNUQQ</sourceid><sourceid>GUQSH</sourceid><sourceid>M2O</sourceid><recordid>eNqVksFu1DAQQCMEEkvhH6KCOJEwtmPH21u6WgqoqAfK2XKSSZuQxIudhd2_76SpEELlgCzZo_Gbp7E8UXTKIGUA_H2XcsFlooHxlANAOpUAAkR6eBKtfl89jVaU1UlG2_PoRQgdoZwxuYrqYoy3Bzu0o51aN8auiTduP07-GH_BoUQfn9vxe7yx4Zai3o4VhhmabjFmawHhLC7iawzTnCz6Cf0s-okk3RF9Lw0vo2eN7QO-ejhPom8fttebj8nl1cWnTXGZVEIxkdS6QlajRllndr3GUnNeYWbrMleKqwq0ZZApoSSXuS6VrGWmWJ7JRjKNNhcn0dvFu_Pux56aMkMbKuypEXT7YITWOYBcE3j6F9i5PXXeB8MZZ0KLHAh6_S-IKZHBWrJcE_VuoW5sj6YdGzd5W93giN72bsSmpXShOKMXSE548ghOq8ahrR7jzxa-8i4Ej43Z-Xaw_mgYmHkETGfmfzbzP5t5BMzDCJgDFRdL8S-SHv-j0ny92n6-j8nxZnF0YXL-TwcXkNOpmBRK3AHVhcBe</recordid><startdate>200004</startdate><enddate>200004</enddate><creator>Wm. 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Stewart Mounts, Jr</au><au>Sowell, Clifford B.</au><au>Saxena, Atul K.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>An Examination of Country Member Bank Cash Balances of the 1930s: A Test of Alternative Explanations</atitle><jtitle>Southern economic journal</jtitle><date>2000-04</date><risdate>2000</risdate><volume>66</volume><issue>4</issue><spage>923</spage><epage>941</epage><pages>923-941</pages><issn>0038-4038</issn><eissn>2325-8012</eissn><coden>SECJAR</coden><abstract>Around March 1933, commercial banks began accumulating unprecedented amounts of cash. Uncertainty over deposits and loans, low interest rates relative to brokerage fees, and costly de novo capital have been used to explain this behavior. This paper employs aggregate call-date data for country member banks in the 12 Federal Reserve districts to formally investigate the role of these factors in the accumulation. The results indicate a minimal, if any, role for these factors. The findings suggest that it was the unintended consequence of unprecedented deposit growth in the face of large scale-related adjustment costs.</abstract><cop>Chapel Hill, N.C., etc</cop><pub>Southern Economic Association</pub><doi>10.1002/j.2325-8012.2000.tb00303.x</doi><tpages>19</tpages></addata></record> |
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| source | Wiley Online Library Journals Frontfile Complete; Periodicals Index Online; EBSCOhost Business Source Complete; Jstor Complete Legacy |
| subjects | Adjustment costs Bank assets Bank loans Bank markets Bank reserves Banking industry Banking regulation Banks Business cycles Cash Cash management Civic holidays Commercial banks Economic models Economic theory Federal Reserve Bank Fees History Interest rates Statistical analysis Studies Uncertainty |
| title | An Examination of Country Member Bank Cash Balances of the 1930s: A Test of Alternative Explanations |
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