The Efficiency of Self-Regulated Payments Systems: Learning From the Suffolk System
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This paper analyzes the operation of the Suffolk System, an interbank note-clearing network operating throughout New England from the 1820s through the 1850s. Banks made markets in each other's notes at par, which allowed New England to avoid discounting of bank notes in trade. Privately enforced
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美国国家经济研究局创建时间：
1996-01-01
