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The seasonality of banking failures during the late National Banking Era

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  • Pere Gomis-Porqueras
  • Bruce Smith

Abstract

In this paper, we expand previous models with banks and money and explore the consequences of seasonals in the banking system. We find that, when bank failures occur, not all of them have associated large output losses and currency premiums exist. We show that the most important sources of seasonal fluctuations for the banking system are those related to the return on farming activities and the scrapping value of the initial investment. Finally, this model is consistent with the notion that the Treasury is more likely to accommodate the money market in periods where the liquidity needs are higher.

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Bibliographic Info

Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 39 (2006)
Issue (Month): 1 (February)
Pages: 296-319

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Handle: RePEc:cje:issued:v:39:y:2006:i:1:p:296-319

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  1. Champ, B. & Smith, B.D., 1991. "Currency Elasticity and Banking Panics: theory and Evidence," University of Western Ontario, The Centre for the Study of International Economic Relations Working Papers 9109, University of Western Ontario, The Centre for the Study of International Economic Relations.
  2. Martin, Antoine, 2004. "Optimal pricing of intraday liquidity," Journal of Monetary Economics, Elsevier, Elsevier, vol. 51(2), pages 401-424, March.
  3. Satyajit Chatterjee, 1997. "On the optimality of eliminating seasonality in nominal interest rates," Working Papers 97-2, Federal Reserve Bank of Philadelphia.
  4. Peck, James & Shell, Karl, 2001. "Equilibrium Bank Runs," Working Papers, Cornell University, Center for Analytic Economics 01-10r, Cornell University, Center for Analytic Economics.
  5. Gomis-Porqueras, Pere & Smith, Bruce D., 2003. "Seasonality And Monetary Policy," Macroeconomic Dynamics, Cambridge University Press, Cambridge University Press, vol. 7(04), pages 477-502, September.
  6. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867-1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, October.
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