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The Dawn of an 'Age of Deposits' in the United States

Matthew Jaremski, Peter L. Rousseau

NBER Working Paper No. 21503
Issued in August 2015
NBER Program(s):The Program on the Development of the American Economy

U.S. Bank deposits by individuals grew from 4% of GDP at the time of the National Banking Acts in 1863-64 to 23% by the time of the Federal Reserve’s founding. A comprehensive collection of bank- level data shows that most gains occurred immediately after the Acts, Specie Resumption in 1879, and the Election of 1896, and occurred across banks of all ages and types. Checking accounts, clearinghouses, rising incomes, and urbanization contributed to the increasing preference for deposits, but greater confidence in banks also seems to have been central, with highly capitalized banks from earlier entry cohorts seeing the largest gains.

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Document Object Identifier (DOI): 10.3386/w21503

Published: Matthew Jaremski & Peter L. Rousseau, 2017. "The Dawn of an ‘Age of Deposits’ in the United States," Journal of Banking & Finance, . citation courtesy of

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