; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Clearing Arrangements in the United States before the Federal Reserve System"; ; "batchuser@example.com"; "Weber, Warren E."; "Federal Reserve Bank of Minneapolis"; "Banknotes", "Moral hazard", "Clearinghouses"; "N21 - Economic History: Financial Markets and Institutions: U.S.; Canada: Pre-1913", "E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems"; "This paper examines two different clearing arrangements for bank liabilities. One was a profit-maximizing private entity, the Suffolk Banking System. It cleared notes for New England banks between 1827 and 1858. The other was a nonprofit collective, the clearinghouses organized in many cities beginning in 1853. The paper examines how well these arrangements prevented bank failures and acted as lenders of last resort. It finds the Suffolk system had fewer failures but acted less like a lender of last resort. It argues that these differences can be explained by the different incentives facing the Suffolk Bank and the members of clearinghouses. "^^; "2012-02-16"; "2019-06-24T18:32:16.186655431+00:00"^^; "https://doi.org/10.21034/wp.695"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Wed Oct 23 17:47:47 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "832"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "695"; "Clearinghouses", "Moral hazard", "Banknotes"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; ; "Publication" . ; .