Looking across multiple panics of the nineteenth century, this paper treats borrowing of clearinghouse loan certificates as borrowing from a lender of last resort. We evaluate individual bank use of clearinghouse loan certificates in New York City using bank balance sheet data. Bank capital...

In a linear city model of firm location, firms have altruistic objective functions that consist of a linear combination of maximizing profits and producing output, although firms are constrained to earn nonnegative profits. If firms place sufficient weight on maximizing profits, then firms...

Moen and Tallman (J Econ Hist 60:145–163, 2000) show that clearinghouse membership reduced deposit contraction of commercial banks and trusts during the panic of 1907. This paper uses analogous data on New York banks during the panic of 1893 to quantify the value of clearinghouse membership....

This paper investigates borrowing from a lender of last resort at the individual bank level using data from a pre-Federal Reserve lender of last resort program, the Aldrich-Vreeland Emergency Currency Act of 1908. Contrary to the reluctance to borrow hypothesis, banks with lower capital/asset...