Clearinghouses and the Origin of Central Banking in the United States
研究了1914年前美国银行业如何通过清算所自发形成类似中央银行的机构，在恐慌中联合银行提供存款保险，解释了存款货币的内在特性如何催生这一制度。
The pre-1914 U.S. banking industry is not easily characterized as a market operating through a price system. The endogenous development of the clearinghouse as the industry's organizing institution can be explained by inherent characteristics of demand deposits. During banking panics the clearinghouse united banks into an organization resembling a single firm which produced deposit insurance.