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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 … liquidity providers by requesting (and the New York clearinghouse issuing) a volume of clearinghouse loan certificates beyond … their own immediate liquidity needs. While loan certificates were a temporary solution at best to the liquidity crisis in …

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

How J. P. Morgan picked the winners and losers in the Panic of 1907 : an exploration of the individual over the institution as lender of last resort

Moen, Jon R.; Rodgers, Mary Tone - In: Essays in economic & business history : the journal of … 40 (2022), pp. 156-187

institutions during the resolution of a financial crisis. First, we examine how Morgan coordinated emergency liquidity infusions … applicants for liquidity had participated in earlier bond underwriting syndicates with Morgan. The single denial of aid was to an … or liquidity infusions to Morgan-backed issuers than to issuers backed by other bankers. These findings provide support …

Persistent link: https://www.econbiz.de/10013431103

Varieties of Helping Capitalism : Politico-Economic Determinants of Bank Rescue Packages in the EU During the Recent Crisis

Weber, Beat - 2014

This article explores the determinants of bank rescue packages in the European Union during the recent financial crisis. Despite the common EU framework, member states had room for manoeuvre with respect to the size and structure of bank rescue packages as well as the conditions attached to the...

Persistent link: https://www.econbiz.de/10013048875

Systemic Risk and Monetary Policy : The Haircut Gap Channel of the Lender of Last Resort

Jasova, Martina; Laeven, Luc; Mendicino, Caterina; … - 2021

We show that lender of the last resort (LOLR) policy contributes to higher bank interconnectedness and systemic risk. Using novel micro-level data, we analyze the haircut gap channel of LOLR – the difference between the private market and central bank haircuts. LOLR increases...

Persistent link: https://www.econbiz.de/10013225855

Economic crises and the eligiblity for the lender of last resort : evidence from 19th century France

Bignon, Vincent; Jobst, Clemens - 2017

This paper uses panel econometric techniques to estimate a macro-financial model for fee and commission income over total assets for a broad sample of euro area banks. Using the estimated parameters, it conducts a scenario analysis projecting the fee and commission income ratio over a three...

Persistent link: https://www.econbiz.de/10011637365

Policy uncertainty, lender of last resort and the real economy

Jasova, Martina; Mendicino, Caterina; Supera, Dominik - 2021

We show that a reduction in lender of last resort (LOLR) policy uncertainty posi-tively affects bank lending and propagates to investment and employment. We exploita unique policy that reduced uncertainty regarding the availability of future LOLRfunding for banks as a quasi-natural experiment....

Persistent link: https://www.econbiz.de/10012426306

Liquidity creation without a lender of last resort : clearing house loan certifi cates in the banking panic of 1907

Tallman, Ellis W.; Moen, Jon R. - 2010

Persistent link: https://www.econbiz.de/10008732099

Liquidity creation without a central bank : clearing house loan certificates in the banking panic of 1907

Tallman, Ellis W.; Moen, Jon R. - In: Journal of financial stability 8 (2012) 4, pp. 277-291

Persistent link: https://www.econbiz.de/10009655630

A liquidity risk early warning indicator for Italian banks : a machine learning approach

Drudi, Maria Ludovica; Nobili, Stefano - 2021

Persistent link: https://www.econbiz.de/10012584938

Dealer financial conditions and lender-of-last-resort facilities

Acharya, Viral V.; Fleming, Michael J.; Hrung, Warren B.; … - 2014

provided liquidity against a range of assets during 2008-09. Dealers with lower equity returns and greater leverage prior to … liquidity in explaining dealer behavior. The results suggest that both financial performance and balance sheet liquidity play a …

Persistent link: https://www.econbiz.de/10010404154

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