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The call loan market in the U.S. financial system prior to the Federal Reserve System


  • Jon R. Moen
  • Ellis W. Tallman


The call loan market in New York City played a central role in funding the expansion of economic growth and capital investment in the United States in the late 1800s and early 1900s. Changes in the identity of the intermediaries providing those funds help explain why the movement for the establishment of a central bank in the United States took hold only after the panic of 1907. The growing significance of nonclearinghouse creditors to the call money market diluted the relative financial influence of the New York City bankers and compromised the apparent “coinsurance” arrangement between brokers and New York Clearinghouse lenders that prevailed during the late nineteenth century.

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  • Jon R. Moen & Ellis W. Tallman, 2003. "The call loan market in the U.S. financial system prior to the Federal Reserve System," FRB Atlanta Working Paper 2003-43, Federal Reserve Bank of Atlanta.
  • Handle: RePEc:fip:fedawp:2003-43

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    References listed on IDEAS

    1. Bank for International Settlements, 2001. "Collateral in wholesale financial markets: recent trends, risk management and market dynamics," CGFS Papers, Bank for International Settlements, number 17.
    2. Franklin Allen & Douglas Gale, 2000. "Financial Contagion," Journal of Political Economy, University of Chicago Press, vol. 108(1), pages 1-33, February.
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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. Asaf Bernstein & Eric Hughson & Marc D. Weidenmier, 2014. "Counterparty Risk and the Establishment of the New York Stock Exchange Clearinghouse," NBER Working Papers 20459, National Bureau of Economic Research, Inc.

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