为什么要加入美联储?

IF 2.5 1区 历史学 Q2 ECONOMICS Journal of Economic History Pub Date : 2022-06-14 DOI:10.1017/s0022050722000237
Charles W. Calomiris, Matthew Jaremski
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引用次数: 0

摘要

我们研究了州特许银行在美联储成立后的第一个十年加入美联储的决定。我们的研究首次将国家监管环境特征和单个银行特征结合起来解释美联储成员选择。监管环境降低了贴现窗口准入的好处,或增加了加入美联储的监管成本,导致加入美联储的银行减少。在决定哪些银行加入贴现窗口时,影响贴现窗口收益大小的个别银行特征(要么将流动性风险降低传递给受访者,要么降低成员银行自己的季节性流动性风险)甚至更为重要。我相信,通过联邦储备银行,我们就能更好地应对我们面前的问题,帮助我们自己,也帮助世界;我认为,我们国家的每家银行都有责任为完成这一任务贡献自己的一份力量;我坚定地相信,未来将属于那些属于联邦储备系统成员的银行——无论是全国性的还是州级的。——保罗·沃伯格,1916年6月9日在纽约州银行家协会大会上的演讲
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Why Join the Fed?

We study the decisions of state-chartered banks to join the Fed in its first decade. Ours is the first study to combine state regulatory environment characteristics and individual bank characteristics to explain Fed membership choice. Regulatory environments that reduced the benefit of discount window access or increased the regulatory cost of joining the Fed led to fewer banks joining. Individual bank characteristics that affected the magnitude of benefits from accessing the discount window (either passing on liquidity risk reduction to respondents or reducing the member bank’s own seasonal liquidity risk) were even more important in determining which banks joined.

I believe that, through the Federal Reserve Banks, … the better shall we be equipped to cope with the problems ahead of us, of helping ourselves and of helping the world; I believe it to be the duty of every bank in the country to contribute its share in equipping our nation for this task; … I firmly believe that the future will belong to those banks—national or state—that are members of the Federal Reserve System.

—Paul Warburg, Speech at the New York State Bankers’ Association Convention, 9 June 1916

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来源期刊
CiteScore
2.80
自引率
4.80%
发文量
38
期刊介绍: The Journal of Economic History is devoted to the multidisciplinary study of history and economics, and is of interest not only to economic historians but to social and demographic historians, as well as economists in general. The journal has broad coverage, in terms of both methodology and geographic scope. Topics covered include money and banking, trade, manufacturing, technology, transportation, industrial organisation, labour, agriculture, servitude, demography, education, economic growth, and the role of government and regulation. In addition, an extensive book review section keeps readers informed about the latest work in economic history and related fields.
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