Aldrich-Vreeland Emergency Currency as a Lender of Last Resort

Christopher Hoag
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Christopher Hoag: Trinity College

Journal of Economic Insight, 2012, vol. 38, issue 1, 73-88

Abstract: This paper investigates borrowing from a lender of last resort at the individual bank level using data from a pre-Federal Reserve lender of last resort program, the Aldrich-Vreeland Emergency Currency Act of 1908. Contrary to the reluctance to borrow hypothesis, banks with lower capital/asset ratios were more likely to borrow. Banks with a higher reserve ratio borrowed less.

JEL-codes: E58 G21 N22 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:mve:journl:v:38:y:2012:i:1:p:73-88

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