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Open and operating: providing liquidity to avoid a crisis

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Author Info
Bruce Champ

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Abstract

The terrorist attacks of 9/11 triggered a staggering increase in demand for U.S. dollars all over the world, a demand that threatened to disrupt the American payments system but was met swiftly and successfully by the Federal Reserve. Earlier in the nation’s history, the system didn’t respond so well to severe shocks. This Commentary describes financial crises that occurred during one period in which the country had no central bank.

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File URL: http://www.clevelandfed.org/Research/commentary/2003/0215.pdf
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Publisher Info
Article provided by Federal Reserve Bank of Cleveland in its journal Economic Commentary.

Volume (Year): (2003)
Issue (Month): Feb 15 ()
Pages:
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Handle: RePEc:fip:fedcec:y:2003:i:feb15

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Related research
Keywords: Banks and banking - History ; Financial crises ; Liquidity (Economics);

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This page was last updated on 2009-12-15.


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