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作者：Amherst College
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作者：University of California System; University of California Irvine
摘要：Weaknesses within the check-clearing system played a hitherto unrecognized role in the banking crises of the Great Depression. Correspondent check-clearing networks were vulnerable to counter-party cascades. Accounting conventions that overstated reserves available to corresponding institutions may have exacerbated the situation. The initial banking panic began when a correspondent network centered in Nashville collapsed, forcing over 100 institutions to suspend operations. As the contraction ...
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作者：Rosenthal, Jean-Laurent; Haber, Steve; Lamoreaux, Naomi; Costa, Dora; Chaudhary, Latika; Moser, Petra; Zolt, Eric
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作者：Boston University
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作者：University of Queensland
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作者：Irwin, Douglas A.
摘要：In the late nineteenth century, the United States imposed high tariffs to protect domestic manufacturers from foreign competition. This article examines the magnitude of protection given to import-competing producers and the costs imposed on export-oriented producers by focusing on changes in the domestic prices of traded goods relative to nontraded goods. The results suggest that the 30 percent average import tariff gave about a 17 percent implicit subsidy to import-competing producers and ef...
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作者：University of Mississippi
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作者：California Institute of Technology; University of Illinois System; University of Illinois Urbana-Champaign; Rutgers University System; Rutgers University New Brunswick
摘要：During the 1920s the New York Stock Exchange's position as the dominant American exchange was eroding. Costs to customers, measured as bid-ask spreads, spiked when surging inflows of orders collided with the constraint created by a fixed number of brokers. The NYSE's management proposed and the membership approved a 25 percent increase in the number of seats by issuing a quarter-seat dividend to all members. An event study reveals that the aggregate value of the NYSE rose in anticipation of im...
