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Clearinghouse loan certificates as interbank loans in the United States, 1860–1913

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  • Hoag, Christopher

Abstract

Before the founding of the Federal Reserve, bank clearinghouse associations served as an emergency lending facility during the National Bank Era (1863–1913). This article clarifies the operation of clearinghouse loan certificates during panic periods. If clearinghouse loan certificates do not circulate among the general public, then they bear similarities to interbank loans among clearinghouse member banks. In general, the central clearinghouse organization does not act alone as a lender of last resort to make loans from the central clearinghouse to individual member banks.

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  • Hoag, Christopher, 2016. "Clearinghouse loan certificates as interbank loans in the United States, 1860–1913," Financial History Review, Cambridge University Press, vol. 23(3), pages 303-324, December.
    • Handle: RePEc:cup:fihrev:v:23:y:2016:i:03:p:303-324_00
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    Cited by:

    1. Christopher Hoag, 2019. "Liquidity and Borrowing from a Lender of Last Resort during the Crisis of 1884," Working Papers 1901, Trinity College, Department of Economics, revised Jul 2019.
    2. Christopher Hoag, 2019. "Bank Executive Experience with Clearinghouse Loan Certificates," Working Papers 1903, Trinity College, Department of Economics.
    3. Hoag, Christopher, 2018. "Clearinghouse loan certificates as a lender of last resort," The North American Journal of Economics and Finance, Elsevier, vol. 45(C), pages 215-229.

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