Neldner, Manfred - In: Swiss Journal of Economics and Statistics (SJES) 132 (1996) II, pp. 177-195
The confidence in the alleged stability of a free banking system chiefly rests on two pillars: the so called law of adverse clearings and the possibility of an external drain. Already in the first half of the 19th century, however, McCULLOCH and LONGFIELD have shown that this position may at...
