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Bank Panics and the Endogeneity of Central Banking

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NBER2002-08-01 更新2025-01-04 收录
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Central banking is intimately related to liquidity provision to banks during times of crisis, the lender-of-last-resort function. This activity arose endogenously in certain banking systems. Depositors lack full information about the value of bank assets so that during macroeconomic downturns they

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2002-08-01
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