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Birth of a MarketThe U.S. Treasury Securities Market from the Great War to the Great Depression$
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Kenneth D. Garbade

Print publication date: 2012

Print ISBN-13: 9780262016377

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262016377.001.0001

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Treasury Finance during the Great Depression

Treasury Finance during the Great Depression

(p.220) (p.221) 16 Treasury Finance during the Great Depression
Birth of a Market

Kenneth D. Garbade

The MIT Press

This chapter examines the impact of the Great Depression on Treasury tax receipts, federal expenditure policies, and Treasury indebtedness. The discussions cover Britain’s departure from the gold standard and the Revenue Act of 1932; revenue acts during the New Deal; Treasury expenditures during the Great Contraction; the birth of the Reconstruction Finance Corporation (RFC); the banking crisis of 1933 and the role of the RFC in reopening the banks; and Treasury expenditures during the New Deal.

Keywords:   Treasury tax receipts, federal expenditure, fiscal policy, Treasury debt, New Deal, banking crisis, Reconstruction Finance Corporation

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