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Clearinghouse Loan Certificates as Interbank Loans

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

No 1504, Working Papers from Trinity College, Department of Economics

Abstract: Before the founding of the Federal Reserve, bank clearinghouse associations served as a lender of last resort during the National Bank Era (1863-1913). This paper clarifies the operation of clearinghouse loan certificates during panic periods. If clearinghouse loan certificates are prohibited from circulating among the general public, then clearinghouse loan certificates should be viewed as interbank loans among clearinghouse member banks and not loans from a central clearinghouse organization to individual members.

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)
New Economics Papers: this item is included in nep-ban, nep-his and nep-mon
Date: 2015-05, Revised 2015-06
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Downloads: (external link) Third version, 2015 (application/pdf)

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