Containing banking panics under tbe National Banking System: Discretion versus coordination
Elmus Wicker draws a picture of banking panics under the National Banking System (NBS). He considers that the New York Clearing House (NYCH) was responsible for the aggravation of banking crises because of its incapacity to coordonnate banks and to equalize their reserves. A description of the structural characteristics of the NBS challenges this thesis. Moreover, a theory of the high-poweredmoney help to show why equalization of reserves is overwhelmed by NYCH loan certificates issuance. Our demonstration leads to a controversy, actually the opposition between discretion and coordination, and to the idea that the discretion logic excludes coordination log
Volume (Year): (2003)
Issue (Month): 45 ()
|Contact details of provider:|| Web page: http://www.cahiersdecopo.fr/fr/|
|Order Information:|| Postal: 142 rue du faubourg Saint-Martin. 75010 Paris, France.|
When requesting a correction, please mention this item's handle: RePEc:cpo:journl:y:2003:i:45:p:139-160. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carlos Andrés Vasco Correa)
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.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.