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Close but not a central bank: The New York Clearing House and issues of clearing house loan certificates

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  • Jon R. Moen
  • Ellis W. Tallman

Abstract

The paper examines the New York Clearing House (NYCH) as a lender of last resort by looking at clearing-house-loan-certificate borrowing during five banking panics of the National Banking Era (1863–1913). In that system, adequate aggregate liquidity provision was passive and dependent upon member bank borrowing. We document bank borrowing behavior using bank-level data for clearing-house loan certifi cates issued to NYCH member banks. The historical record reveals that the large New York City banks behaved in ways that resembled those of a central bank in 1884 and in 1890, but less so in the more severe crises.

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File URL: http://www.clevelandfed.org/research/workpaper/2013/wp1308.pdf
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Bibliographic Info

Paper provided by Federal Reserve Bank of Cleveland in its series Working Paper with number 1308.

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Date of creation: 2013
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Handle: RePEc:fip:fedcwp:1308

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Keywords: Financial crises ; Lenders of last resort ; Clearinghouses (Banking) ; Interbank market;

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  1. Tallman, Ellis W. & Moen, Jon R., 2012. "Liquidity creation without a central bank: Clearing house loan certificates in the banking panic of 1907," Journal of Financial Stability, Elsevier, vol. 8(4), pages 277-291.
  2. Ellis W. Tallman & Jon R. Moen, 2010. "Liquidity creation without a lender of last resort: clearing house loan certificates in the Banking Panic of 1907," Working Paper 1010, Federal Reserve Bank of Cleveland.
  3. Wicker,Elmus, 2000. "Banking Panics of the Gilded Age," Cambridge Books, Cambridge University Press, number 9780521770231, October.
  4. Gorton, Gary, 1985. "Clearinghouses and the Origin of Central Banking in the United States," The Journal of Economic History, Cambridge University Press, vol. 45(02), pages 277-283, June.
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