| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10951 |
| 来源ID | Working Paper 10951 |
| Resolving the Puzzle of the Underissuance of National Bank Notes | |
| Charles W. Calomiris; Joseph R. Mason | |
| 发表日期 | 2004-12-06 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | The puzzle of underissuance of national bank notes disappears when one disaggregates data, takes account of regulatory limits, and considers differences in opportunity costs. Banks with poor lending opportunities maximized their issuance. Other banks chose to limit issuance. Redemption costs do not explain cross-sectional variation in issuance and the observed relationship between note issuance and excess reserves is inconsistent with the redemption risk hypothesis of underissuance. National banks did not enter primarily to issue national bank notes, and a "pure arbitrage" strategy of chartering a national bank only to issue national bank notes would not have been profitable. Indeed, new entrants issued less while banks exiting were often maximum issuers. Economies of scope between note issuing and deposit banking included shared overhead costs and the ability to reduce costs of mandatory minimum reserve and capital requirements. |
| 主题 | Macroeconomics ; Monetary Policy ; Money and Interest Rates ; Financial Economics ; Financial Institutions ; History ; Macroeconomic History |
| URL | https://www.nber.org/papers/w10951 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568586 |
| 推荐引用方式 GB/T 7714 | Charles W. Calomiris,Joseph R. Mason. Resolving the Puzzle of the Underissuance of National Bank Notes. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10951.pdf（199KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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