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- W2119232530 abstract "Recent turmoil in the financial sector has once again thrust bank liquidity and balance sheet management into the spotlight. History offers some insight into liquidity management in times of financial distress. The banking industry experienced a significant amount of turmoil during the Great Contraction of 1929-1933. In response, banks were forced to adjust their portfolios with the changing economic climate. One aspect banks had control over was their reserves. While there has been extensive analysis of bank reserves after the bank holiday of 1933, little is known about bank-level reserve holdings during the Contraction. This paper exploits a unique data set of state banks that were Federal Reserve members and state banks that were not members of the Federal Reserve Sysytem in New York City during that period. Nonmember banks, without access to a lender of last resort, had a precautionary demand for reserves, increasing their ratio of excess reserves to assets after the first banking panic. Compared to state member banks, nonmember banks held a higher ratio of assets in excess reserves. The interest rates on shortterm, liquid securities had a negative correlation with reserves and support the opportunity cost theory of Frost (1971). The discount rate, representing the price of liquidity, had a positive relationship with reserves, suggesting that Federal Reserve policy could have affected excess reserve holdings during the Great Contraction. These results provide new evidence on the macroeconomic and monetary factors affecting bank behavior in the central money market during the Great Contraction and provide some guidance for policy considerations currently facing monetary authorities." @default.
- W2119232530 created "2016-06-24" @default.
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- W2119232530 date "2007-01-01" @default.
- W2119232530 modified "2023-09-23" @default.
- W2119232530 title "Excess Reserves During the Great Contraction: Evidence from the Central Money Market of New York City, 1929 to 1932" @default.
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- W2119232530 doi "https://doi.org/10.2139/ssrn.978684" @default.
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