Liquidity and Borrowing from a Lender of Last Resort during the Crisis of 1884
Christopher Hoag
International Journal of Finance & Banking Studies · 2024 · Vol. 12 / Issue 4 · 01-13
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Abstract
This paper investigates the relation between bank liquidity and borrowing from a lender of last resort on a high frequency basis during a financial crisis. The paper evaluates weekly observations of individual bank borrowing of clearinghouse loan certificates by a panel of New York Clearing House member banks during the crisis of 1884. Naturally, banks with higher reserve ratios borrowed lower amounts, but banks replaced a dollar of reserves with less than a dollar of borrowing from a lender of last resort.
Keywords: {'name': 'banking crisis'}, {'name': 'lender of last resort'}, {'name': 'clearinghouse loan certificate'}
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Christopher Hoag
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