Search Results
Journal Article
Diversity and balanced growth: Tennessee stays on track
Working Paper
Liquidity creation without a lender of last resort: clearinghouse loan certificates in the Banking Panic of 1907
We employ a new data set comprised of disaggregate figures on clearinghouse loan certificate issues in New York City to document how the dominant national banks were crucial providers of temporary liquidity during the Panic of 1907. Clearinghouse loan certificates were essentially "bridge loans" arranged between clearinghouse members that enabled and were issued in anticipation of monetary gold imports, which took a few weeks to arrive. The large New York City national banks acted as private liquidity providers by requesting (and the New York clearinghouse issuing) a volume of clearinghouse ...
Working Paper
Clearinghouse access and bank runs: comparing New York and Chicago during the Panic of 1907
During the Panic of 1907, New York City trust companies were not members of the New York Clearinghouse whereas trust companies in Chicago were members of the Chicago Clearinghouse. We argue that the apparent isolation of New York City trust companies from the pool of bank reserves controlled by the New York Clearinghouse led to the large-scale depositor runs on the New York City trusts. In contrast, Chicago trust companies had direct access to the Chicago Clearinghouse and their pool of reserves and did not suffer large-scale depositor withdrawals. Statistical evidence on a cross-section of ...
Journal Article
Poverty in the South
Journal Article
Lessons from the panic of 1907
Journal Article
Tennessee: challenges ahead