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Liquidity creation without a lender of last resort : clearinghouse loan certificates in the banking panic of 1907

Tallman, Ellis W. (contributor); Moen, Jon R. (contributor) - 2007 - Rev.

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 …

Persistent link: https://www.econbiz.de/10003730562

Did the founding of the Federal Reserve affect the vulnerability of the interbank system to systemic risk?

Carlson, Mark; Wheelock, David C. - 2016 - Draft: July 18, 2016

As a result of legal restrictions on branch banking, an extensive interbank system developed in the United States during the 19th century to facilitate interregional payments and flows of liquidity and credit. Vast sums moved through the interbank system to meet seasonal and other demands, but...

Persistent link: https://www.econbiz.de/10011578151

Real Effects of Stabilizing Private Money Creation

Xu, Chenzi; Yang, He - National Bureau of Economic Research - 2022

We show that decentralized privately created money with unstable values can hinder the traded, more transaction-friction sensitive, sector of the economy. We do so in the context of the NationalBanking Act of 1864 in the United States that created a new federally-regulated, fully-backed currency...

Persistent link: https://www.econbiz.de/10013210088

From antigrowth bias to quantitative easing : the ECB's belated conversion?

Bibow, Jörg - 2016

This paper investigates the European Central Bank's (ECB) monetary policies. It identifies an antigrowth bias in the bank's monetary policy approach: the ECB is quick to hike, but slow to ease. Similarly, while other players and institutional deficiencies share responsibility for the euro's...

Persistent link: https://www.econbiz.de/10011481632

The Euro's savior? : assessing the ECB's crisis management performance and potential for crisis resolution

Bibow, Jörg - 2015

This study assesses the European Central Bank’s (ECB) crisis management performance and potential for crisis resolution. The study investigates the institutional and functional constraints that delineate the ECB’s scope for policy action under crisis conditions, and how the bank has actually...

Persistent link: https://www.econbiz.de/10011349470

The Federal Reserve as lender of last resort during the subprime crisis : successful stabilisation without structural changes

Herr, Hansjörg; Rüdiger, Sina; Pédussel Wu, Jennifer - 2016

This paper studies the actions of the U.S. Federal Reserve Bank (FRB) during the financial crisis from 2007-2012 rating the performance of the Federal Reserve during the crisis. The chosen scoring model approach shows that the average performance of five specific measures taken by the FRB only...

Persistent link: https://www.econbiz.de/10011449868

Lender of last report in a transitional economy with a fixed exchange rate : financial crises and monetary policy in Sweden under the silver and gold standards, 1834 - 1913

Ögren, Anders (contributor) - 2003 - [Elektronische Ressource], Rev. October 15, 2003

According to the classical view, an economy's lender of last resort should be its central bank. For brief periods of time, the bank might suspend convertibility in order to provide the liquidity needed to support the domestic credit market. Recent experience of financial crises demonstrates the...

Persistent link: https://www.econbiz.de/10001799324

Lending of first versus lending of last resort : the Bulgarian financial crisis of 1996/1997

Berlemann, Michael; Nenovski, Nikolaj - 2003

In 1996/1997 Bulgaria was hit by a severe financial crisis, spreading from a banking crisis to a currency crisis. However, in comparison to the Asian, the Russian or the recent Tango Crisis the Bulgarian Crisis did arouse relatively low international interest. We argue that the Bulgarian...

Persistent link: https://www.econbiz.de/10010506634

Inequality and guard labor, or prohibition and guard labor?

Geloso, Vincent; Kufenko, Vadim - 2017

In this paper, we consider whether or not inequality forces society to expend more resources on supervision which imposes an extra cost to doing business. Some argue that since inequality deteriorates social capital, there is a greater need for supervisory labor which is a costly burden to bear....

Persistent link: https://www.econbiz.de/10011618757

Reserves for all? : central bank digital currency, deposits, and their (non)-equivalence

Niepelt, Dirk - 2018

I offer a macroeconomic perspective on the "Reserves for All" (RFA) proposal to let the general public use electronic central bank money. After distinguishing RFA from cryptocurrencies and relating the proposal to discussions about narrow banking and the abolition of cash I propose an...

Persistent link: https://www.econbiz.de/10011889522

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