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- Title
ONE YEAR OF THE RECONSTRUCTION FINANCE CORPORATION.
- Authors
Ebersole, J. Franklin
- Abstract
The article offers an assessment of the Reconstruction Finance Corp. (RFC), a year after its establishment under the United States RFC Act and the Relief and Emergency Construction Act of 1932. First, the relative fixity of wages, particularly of railroad and of other types of well-entrenched labor, has antiquated, for the time being at least, the conventional definition of "fixed charges." Second, the framework or structure of banking in the United States has been undergoing revolutionary change. The rapid growth of bank credit in the United States after 1900 probably had as great an influence upon the world price level as did the new gold to which so much attention has been directed in the economic histories of that period. The RFC had its proximate beginnings in these events of 1931, and specially in the plans formulated for the National Credit Corp. and the Railroad Credit Corp. The primary objective of the original act was to provide loans which could not be obtained through regular banking channels owing to near-panic among the banks.
- Subjects
UNITED States; RECONSTRUCTION Finance Corp.; GOVERNMENT financial institutions; BANKING industry; CORPORATE finance; AMERICAN business enterprises
- Publication
Quarterly Journal of Economics, 1933, Vol 47, Issue 3, p464
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/1883981