Fighting financial crises: learning from the past -- The New York Clearing House Association -- The start of a panic -- What the New York Clearing House did during National Vanking Era panics -- Information production and suppression and emergency liquidity -- "Too big to fail" before the Fed --...

We employ a new data set comprised of disaggregate figures on clearinghouse loan certificate issues in New York City to document how the dominant national banks were crucial providers of temporary liquidity during the Panic of 1907. Clearinghouse loan certificates were essentially "bridge loans"...