IDEAS home Printed from https://ideas.repec.org/a/afc/cliome/v5y2011i2p187-203.html
   My bibliography  Save this article

Clearinghouse membership and deposit contraction during the Panic of 1893

Author

Listed:
  • Christopher Hoag

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

Abstract

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.

Suggested Citation

  • Christopher Hoag, 2011. "Clearinghouse membership and deposit contraction during the Panic of 1893," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 5(2), pages 187-203, June.
    • Handle: RePEc:afc:cliome:v:5:y:2011:i:2:p:187-203
    DOI: 10.1007/s11698-010-0058-8
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.1007/s11698-010-0058-8
    Download Restriction: Access to full text is restricted to journal subscribers
    File URL: https://libkey.io/10.1007/s11698-010-0058-8?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jaremski, Matthew, 2018. "The (dis)advantages of clearinghouses before the Fed," Journal of Financial Economics, Elsevier, vol. 127(3), pages 435-458.
    2. Jacobson, Margaret M. & Tallman, Ellis W., 2015. "Liquidity provision during the crisis of 1914: Private and public sources," Journal of Financial Stability, Elsevier, vol. 17(C), pages 22-34.
    3. Jaremski, Matthew, 2015. "Clearinghouses as credit regulators before the fed?," Journal of Financial Stability, Elsevier, vol. 17(C), pages 10-21.
    4. Christopher Hoag, 2019. "Bank Executive Experience in a Financial Crisis," Working Papers 1902, Trinity College, Department of Economics.
    5. Christopher Hoag, 2019. "Bank Executive Experience with Clearinghouse Loan Certificates," Working Papers 1903, Trinity College, Department of Economics.
    6. Edoardo Gaffeo & Mauro Gallegati & Lucio Gobbi, 2022. "Endogenous clearinghouse formation in payment networks," Review of Evolutionary Political Economy, Springer, vol. 3(1), pages 109-136, April.
    7. Christopher Hoag, 2015. "Clearinghouse Loan Certificates as Interbank Loans," Working Papers 1504, Trinity College, Department of Economics, revised Jun 2015.

    More about this item

    Keywords

    Clearinghouse; Bank panic;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:afc:cliome:v:5:y:2011:i:2:p:187-203. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/afcccea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.