Ellis W. Tallman, (Federal Reserve Bank of Cleveland) y Gary Gorton (Yale University, NBER) publicaron How Did Pre-Fed Banking Panics End? Cuyo resumen anuncia: "During the National Banking Era, 1863-1914, banks responded to the severe panics by suspending convertibility; that is, they refused to exchange cash for their liabilities (checking accounts). At the start of the suspension period, the private clearing houses cut off bank-specific information. Member banks were legally united into a single entity by the issuance of emergency loan certificates, a joint liability. A new market for certified checks opened, pricing the risk of clearing house failure. Certified checks traded at a discount to cash (a currency premium) in a market that opened during the suspension period. Confidence was restored when the currency premium reached zero"
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