Bank Panics and the Endogeneity of Central Banking
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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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美国国家经济研究局创建时间:
2002-08-01



