document how the dominant national banks were crucial providers of temporary liquidity during the Panic of 1907. Clearinghouse … system. -- Clearinghouse ; financial crisis ; panic ; lender of last resort …We employ a new data set comprised of disaggregate figures on clearinghouse loan certificate issues in New York City to …

States. We highlight aspects of two National Banking Era crises (the Panic of 1873 and the Panic of 1907) that are relevant … for comparison with the Panic of 2008. In 1873, overinvestment in railroad debt and the default of railroad companies on … that debt led to the failure of numerous brokerage houses, precursor to the modern investment bank. During the Panic of …

This paper provides quantitative evidence on the interbank network’s role in transmitting the Panic of 1907 across the … United States. Originating in a few New York City banks and trust companies, the panic led to payment suspensions and … more likely in cities whose banks had closer ties to New York, ii) banks with correspondents at the Panic’s center were …

The actions taken by J. P. Morgan during the Panic of 1907 reveal how a skilled leader can dominate those of formal … during the Panic in the absence of a formal lender of last resort (LOLR). Morgan's Syndicate Books provide evidence that all … distinguishable effect during the Panic on the prices of bonds underwritten by his syndicates. We find that during the Panic bond …

any, causal connection existed between the failure and the subsequent panic. Using new information sources, we make three … panic ensued with bank assets transitioning into an information sensitive state. Third, we show that Ohio Life's failure and … panic of 1857 …

We find evidence that the runs on banks and trust companies in the Panic of 1907 were linked to the Bank of England … money market channel. If, as we argue, the bust in copper prices partially provided a trigger to that bank panic, then it … contributing to a bank panic and, therefore, supports other recent findings that monetary policy deliberations might benefit from …