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- W2239345135 abstract "Before the founding of the Federal Reserve, bank clearinghouse associations served as a lender of last resort during the National Bank Era (1863-1913). This paper clarifies the operation of clearinghouse loan certificates during panic periods. If clearinghouse loan certificates are prohibited from circulating among the general public, then clearinghouse loan certificates should be viewed as interbank loans among clearinghouse member banks and not loans from a central clearinghouse organization to individual members." @default.
- W2239345135 created "2016-06-24" @default.
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- W2239345135 date "2015-06-01" @default.
- W2239345135 modified "2023-09-27" @default.
- W2239345135 title "Clearinghouse Loan Certificates as Interbank Loans" @default.
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