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Aldrich-Vreeland Emergency Currency as a Lender of Last Resort

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  • Christopher Hoag

    (Trinity College)

Abstract

This paper investigates borrowing from a lender of last resort at the individual bank level using data from a pre-Federal Reserve lender of last resort program, the Aldrich-Vreeland Emergency Currency Act of 1908. Contrary to the reluctance to borrow hypothesis, banks with lower capital/asset ratios were more likely to borrow. Banks with a higher reserve ratio borrowed less.

Suggested Citation

  • Christopher Hoag, 2012. "Aldrich-Vreeland Emergency Currency as a Lender of Last Resort," Journal of Economic Insight (formerly the Journal of Economics (MVEA)), Missouri Valley Economic Association, vol. 38(1), pages 73-88.
  • Handle: RePEc:mve:journl:v:38:y:2012:i:1:p:73-88
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    References listed on IDEAS

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    1. Ravi Jagannathan & Narayana R. Kocherlakota, 1996. "Why should older people invest less in stock than younger people?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum, pages 11-23.
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    Cited by:

    1. Christopher Hoag, 2015. "Clearinghouse Loan Certificates as Interbank Loans," Working Papers 1504, Trinity College, Department of Economics, revised Jun 2015.
    2. Jacobson, Margaret M. & Tallman, Ellis W., 2015. "Liquidity provision during the crisis of 1914: Private and public sources," Journal of Financial Stability, Elsevier, pages 22-34.
    3. Christopher Hoag, 2015. "Clearinghouse Loan Certificates as a Lender of Last Resort," Working Papers 1503, Trinity College, Department of Economics, revised Jun 2015.

    More about this item

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-

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