| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w12933
|
| 来源ID | Working Paper 12933
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| The Crash of 1882, Counterparty Risk, and the Bailout of the Paris Bourse |
| Eugene N. White
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| 发表日期 | 2007-02-23
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| 出版年 | 2007
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| 语种 | 英语
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| 摘要 | The rapid growth of derivative markets has raised concerns about counterparty risk. It has been argued that their mutual guarantee funds provide an adequate safety net. While this mutualization of risk protects clients and brokers from idiosyncratic shocks, it is generally assumed that it also offers protection against systemic shocks, largely based on the observation that no twentieth century exchange has been forced to shut down. However, an important exception occurred in 1882 when the crash of the French stock market nearly forced the closure of the Paris Bourse. This exchange's structure was very similar to today's futures markets, with a dominant forward market leading the Bourse to adopt a common fund to guarantee transactions. Using new archival data, this paper shows how the crash overwhelmed the Bourse's common fund. Only an emergency loan from the Bank of France, intermediated by the largest banks, prevented a closure of the Bourse. |
| 主题 | Macroeconomics
; Monetary Policy
; Financial Economics
; Financial Markets
; History
; Financial History
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| URL | https://www.nber.org/papers/w12933
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570599
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推荐引用方式
GB/T 7714 |
Eugene N. White. The Crash of 1882, Counterparty Risk, and the Bailout of the Paris Bourse. 2007.
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文件名：
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w12933.pdf
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格式：
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Adobe PDF
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