Econ Papers Daily / 期刊论文
早期美国纸币的市场范围
The Extent of the Market for Early American Banknotes
摘要
Using data on interbank relationships and note holdings in Pennsylvania, I estimate the probability that a bank will redeem the notes of other banks by the distance separating them. If two banks were separated by 50 miles, there was a 40 percent probability that a bank would hold the notes of another at a given time. At 200 miles, the estimated probability is virtually zero. My analysis of notes discounted by a small-town, Connecticut banknote broker reveals that distant notes were offered by travelers and traders who moved along the era’s principal waterways.
中文摘要
基于宾夕法尼亚州银行间关系与票据持有数据，本文估算了银行赎回其他银行票据的概率与地理距离的关联。若两家银行相距50英里，特定时点一家银行持有另一家银行票据的概率为40%；当距离增至200英里时，该概率几乎为零。通过对康涅狄格州小镇票据经纪人折价票据的分析发现，远距离票据主要由沿当时主要水路流动的旅行者与商人提供。