| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23113 |
| 来源ID | Working Paper 23113 |
| The (Dis)Advantages of Clearinghouses Before the Fed | |
| Matthew S. Jaremski | |
| 发表日期 | 2017-01-30 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Operating in individual cities, U.S. clearinghouses were the closest thing to a central bank before 1914, but they only assisted banks that chose to join the association. Using an annual bank-level database for seven states between 1880 and 1910, this paper shows that after the entry of a clearinghouse member banks were less likely and non-member banks in the same city were more likely to close. The results are driven by the fact that the presence of clearinghouses led all banks to become more exposed to systemic liquidity risk, yet only provided liquidity to member banks during panics. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance ; History ; Financial History |
| URL | https://www.nber.org/papers/w23113 |
| 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/580787 |
| 推荐引用方式 GB/T 7714 | Matthew S. Jaremski. The (Dis)Advantages of Clearinghouses Before the Fed. 2017. |
| 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 | ||
| w23113.pdf（1100KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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