کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
967245 931179 2007 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Suspension of payments, bank failures, and the nonbank public's losses
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Suspension of payments, bank failures, and the nonbank public's losses
چکیده انگلیسی
We present evidence on the effects of suspensions of payments from an episode that is close to a controlled experiment for examining those effects. In 1861, about 44% of the banks in Wisconsin closed, 81% of the banks in Illinois closed, and noteholders suffered substantial losses. The historical record suggests that an effective suspension of payments in Wisconsin but not in Illinois may explain the difference. Our statistical evidence indicates that the suspension of payments increased the probability of a bank remaining open by about 21 percentage points and decreased noteholders' losses by about 14 cents per dollar.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Monetary Economics - Volume 54, Issue 2, March 2007, Pages 565-580
نویسندگان
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