The  causes of free bank failures
Subtitle: a detailed explanation
By: Arthur J. Rolnick and Warren E. Weber.
Contributors: Weber, Warren E.
Series: Federal Reserve Bank of Minneapolis, Research Department staff report -- 79/JV; Staff report (Federal Reserve Bank of Minneapolis. Research Dept. : Online) -- 79.
Publisher: Federal Reserve Bank of Minneapolis
Published: 1982
Place of publication: [Minneapolis, Minn.]
Language: eng
Format: Electronic resource
Subjects: Free banking -- United States -- History -- 19th century.; Bank failures -- United States -- History -- 19th century.
Other titles: New explanation for free bank failures
Description: "In this paper we propose and test a new explanation of bank behavior during the Free Banking Era, 1837-63. Arguing against the view that free bank failures were due to fraud, we claim that they were caused by exposure to term structure risk. Testing this new explanation with a new and extensive body of data, we find strong support for it: periods of falling bond prices correspond to the periods with most of the free bank failures. The new data do not support the view that fraud caused the failures"--Federal Reserve Bank of Minneapolis web site.
Notes: Title from PDF file as viewed on 10/19/2007.

Includes bibliographical references.

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