Liquidity creation without a lender of last resort
Subtitle: clearinghouse loan certificates in the Banking Panic of 1907
By: Ellis W. Tallman and Jon R. Moen
Contributors: Moen, Jon Roger, 1956-; Federal Reserve Bank of Atlanta
Series: Working paper series / Federal Reserve Bank of Atlanta -- 2006-23; Working paper series (Federal Reserve Bank of Atlanta : Online) -- 2006-23.
Publisher: Federal Reserve Bank of Atlanta
Published: 2006
Place of publication: Atlanta, Ga.]
Language: eng
Format: [electronic resource] :
Description: "Existing research on liquidity provision during National Banking Era (1863-1913) financial crises examines aggregate issuance of clearinghouse loan certificates by the New York Clearinghouse. We employ previously unexploited disaggregate data on clearinghouse loan certificate issues in New York City to document how the dominant national banks provided liquidity during the Panic of 1907. The large New York City national banks acted as private liquidity providers by requesting (and the New York Clearinghouse issuing) a volume of clearinghouse loan certificates far beyond their own immediate liquidity needs, in accord with their role as central reserve city banks in the national banking system."--Federal Reserve Bank of Atlanta web site.
Notes: Title from PDF file as viewed on Nov. 30, 2006

Includes bibliographical references.

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