| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28870 |
| 来源ID | Working Paper 28870 |
| Reallocating Liquidity to Resolve a Crisis: Evidence from the Panic of 1873 | |
| Haelim Anderson; Kinda Cheryl Hachem; Simpson Zhang | |
| 发表日期 | 2021-05-31 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We study financial stability with constraints on central bank intervention in a model with belief-driven bank runs. A pecuniary externality arises in the decentralized market for interbank loans and leads to excessively many bank failures. A forced reallocation of liquidity across banks improves social welfare and can be implemented through the issuance of clearinghouse loan certificates, such as those issued in New York City during the Panic of 1873. A new dataset constructed from archival records reveals that the New York Clearinghouse issued loan certificates to member banks in the way our model suggests would have helped resolve the panic. |
| 主题 | Microeconomics ; General Equilibrium ; Welfare and Collective Choice ; Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; History ; Financial History |
| URL | https://www.nber.org/papers/w28870 |
| 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/586544 |
| 推荐引用方式 GB/T 7714 | Haelim Anderson,Kinda Cheryl Hachem,Simpson Zhang. Reallocating Liquidity to Resolve a Crisis: Evidence from the Panic of 1873. 2021. |
| 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 | ||
| w28870.pdf（473KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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