The Demise of Central Banking and the Domestic Exchanges: Evidence from Antebellum Ohio
研究了安德鲁·杰克逊总统否决第二合众国银行续期后，美国从中央管理的州际支付系统转向分散化系统，并评估了这对汇率水平和波动性的影响。
This article describes the institutional transition from a centrally managed interregional payments system to an unmanaged, decentralized one after President Andrew Jackson's veto of the rechartering of the Second Bank of the United States, and evaluates the effect on the level and variability of exchange rates. Comparison of the reduction in specie points, driven by falling transportation and insurance costs, with the reduction in exchange rates in two Ohio cities over the period from 1830 to 1859 lends support to the article's conclusion that decentralization was one cause of higher and more volatile inland exchange rates.