The Making of a Continental Financial System : Lessons for Europe from Early American History

Author/Editor:

Vitor Gaspar

Publication Date:

October 15, 2014

Electronic Access:

Download PDF. Use the free Adobe Acrobat Reader to view this PDF file

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

Alexander Hamilton was the first U.S. Treasury Secretary from 1789 to 1795. When he started, the Federal Government was in default. During his tenure, U.S. Treasuries became the ultimate safe asset. He successfully managed expectations, achieved debt service reduction, and stabilized financial panics. He delivered sound public finances and financial stability. In the end, the U.S. possessed a modern financial system able to finance innovation and growth. At a time when Europe is working its way out of the sovereign debt crisis and implementing Banking Union and Financial Union, it is worthwhile to search for lessons from early U.S. history.

Series:

Working Paper No. 14/183

Subject:

English

Publication Date:

October 15, 2014

ISBN/ISSN:

9781498344692/1018-5941

Stock No:

WPIEA2014183

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

35

Please address any questions about this title to publications@imf.org