Economic Effects of Runs on Early 'Shadow Banks': Trust Companies and the Impact of the Panic of 1907
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We use the unique circumstances that led to the Panic of 1907 to analyze its impact on economic activity. The panic was fuelled by runs on the 'shadow banks' of the time, New York's trust companies. But the shock that triggered the runs was unrelated to the nonfinancial corporations affiliated with
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美国国家经济研究局创建时间：
2012-07-01
