The causes of free bank failures
a detailed explanation
by Arthur J. Rolnick
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"In this paper we propose and test a new explanation of bank behavior during the Free Banking Era, 1837-63. Arguing against the view that free bank failures were due to fraud, we claim that they were caused by exposure to term structure risk. Testing this new explanation with a new and extensive body of data, we find strong support for it: periods of falling bond prices correspond to the periods with most of the free bank failures. The new data do not support the view that fraud caused the failures"--Federal Reserve Bank of Minneapolis web site.
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The causes of free bank failures: a detailed explanation
1982, Federal Reserve Bank of Minneapolis
Electronic resource
in English
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Book Details
Published in
[Minneapolis, Minn.]
Edition Notes
Title from PDF file as viewed on 10/19/2007.
Includes bibliographical references.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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| December 19, 2020 | Edited by MARC Bot | import existing book |
| December 3, 2010 | Edited by Open Library Bot | Added subjects from MARC records. |
| December 10, 2009 | Created by WorkBot | add works page |