Clearinghouse Loan Certificates as a Lender of Last Resort

Christopher Hoag ()
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Christopher Hoag: Department of Economics, Trinity College

No 1503, Working Papers from Trinity College, Department of Economics

Abstract: Looking across multiple panics of the nineteenth century, this paper treats borrowing of clearinghouse loan certificates as borrowing from a lender of last resort. We evaluate individual bank use of clearinghouse loan certificates in New York City using bank balance sheet data. Bank capital ratios do not predict positive net borrowing. Lower pre-panic reserve ratios increased the probability of positive net borrowing of loan certificates.

Keywords: bank; lender of last resort; clearinghouse; loan certificates (search for similar items in EconPapers)
JEL-codes: G21 G28 N21 (search for similar items in EconPapers)
Pages: 39 pages
Date: 2015-04, Revised 2015-06
New Economics Papers: this item is included in nep-ban, nep-cba, nep-cfn, nep-his, nep-mac and nep-mon
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http://www3.trincoll.edu/repec/WorkingPapers2015/WP15-03.pdf Third version, 2015 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:tri:wpaper:1503

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