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Clearinghouse membership and deposit contraction during the Panic of 1893

  • Christopher Hoag

    ()

    (Department of Economics, Trinity College, 300 Summit Street, Hartford, CT 06106, USA)

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    Moen and Tallman (J Econ Hist 60:145–163, 2000) show that clearinghouse membership reduced deposit contraction of commercial banks and trusts during the panic of 1907. This paper uses analogous data on New York banks during the panic of 1893 to quantify the value of clearinghouse membership. In contrast to the previous results, clearinghouse membership does not substantially alleviate deposit contractions in 1893. Most likely, less aggressive lending during the crisis in 1893 explains the different results.

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    File URL: http://dx.doi.org/10.1007/s11698-010-0058-8
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    Article provided by Association Française de Cliométrie (AFC) in its journal Cliometrica, Journal of Historical Economics and Econometric History.

    Volume (Year): 5 (2011)
    Issue (Month): 2 (June)
    Pages: 187-203

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    Handle: RePEc:afc:cliome:v:5:y:2011:i:2:p:187-203
    Contact details of provider: Web page: http://www.cliometrie.org

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