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during the 19th century to facilitate interregional payments and flows of liquidity and credit. Vast sums moved through the … the system's resilience to solvency and liquidity shocks and whether these shocks might have been contagious. We find that … the interbank system became more resilient to solvency shocks but less resilient to liquidity shocks as banks sharply …
Persistent link: https://www.econbiz.de/10011578151
on financial markets and the wider economy. They can, for example, bias the private provision of real liquidity and …
Persistent link: https://www.econbiz.de/10011296085
We study interbank lending and asset sales markets in which banks with surplus liquidity have market power vis …-à-vis banks needing liquidity, frictions arise in lending due to moral hazard, and assets are bank-specific. Surplus banks ration …
Persistent link: https://www.econbiz.de/10011014382
lender of last resort and market maker of last resort to provide funding liquidity and market liquidity to illiquid but …, the provision of liquidity support and solvency support for sovereigns also. Concentrating too many financial stability …
Persistent link: https://www.econbiz.de/10011083725
We use the unique circumstances that led to the Panic of 1907 to analyze its impact on economic activity. The panic was fuelled by runs on the 'shadow banks' of the time, New York's trust companies. But the shock that triggered the runs was unrelated to the nonfinancial corporations affiliated...
Persistent link: https://www.econbiz.de/10010951125
In the United States today, the system of financial regulation is complex and fragmented. Responsibility to regulate the financial services industry is split between about a dozen federal agencies, hundreds of state agencies, and numerous industry-sponsored self-governing associations....
Persistent link: https://www.econbiz.de/10009323426
Why do banks fail? We create a panel covering most commercial banks from 1865 through 2023 to study the history of failing banks in the United States. Failing banks are characterized by rising asset losses, deteriorating solvency, and an increasing reliance on expensive non-core funding....
Persistent link: https://www.econbiz.de/10015072849
This paper examines changes in the balance sheets of the banking system in five East Asian economies which were affected by the 1997 Asian Crisis. These countries have persistently accumulated international reserves since the crisis. This paper estimates the impact of reserve accumulation on...
Persistent link: https://www.econbiz.de/10010954716
Persistent link: https://www.econbiz.de/10015374227
The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the...
Persistent link: https://www.econbiz.de/10008636377