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Author:Calomiris, Charles W. 

Working Paper
Resolving the puzzle of the underissuance of national bank notes

The puzzle of underissuance of national bank notes disappears when one disaggregates data, takes account of regulatory limits, and considers differences in opportunity costs. Banks with poor lending opportunities maximized their issuance. Other banks chose to limit issuance. Redemption costs do not explain cross-sectional variation in issuance, and the observed relationship between note issuance and excess reserves is inconsistent with the redemption risk hypothesis of underissuance. National banks did not enter primarily to issue national bank notes, and a ?pure arbitrage? strategy of ...
Working Papers , Paper 05-19

Conference Paper
Reforming the global financial system

Proceedings , Paper 644

Conference Paper
Corporate-finance benefits from universal banking: Germany and the United States, 1870-1917

Proceedings , Paper 424

Conference Paper
Credit card securitization, recourse, and regulatory arbitrage

Proceedings , Paper 851

Journal Article
Deposit insurance: lessons from the record

Economic Perspectives , Volume 13 , Issue May

Working Paper
Restoring confidence in troubled financial institutions after a financial crisis

After an unprecedented number of banks suspended operations in the during Panic of 1893, the head regulator of banks chartered by the United States government allowed about 100 banks to reopen after certifying their solvency. We evaluate whether actions by bank owners to change management, contract with depositors to extend liability maturity structure, write off bad assets, and/or inject capital affected bank survival and deposit retention. This historical episode is particularly informative because there was no expectation of government intervention. We find that contracting with depositors ...
Finance and Economics Discussion Series , Paper 2022-044

Conference Paper
Remarks on inside information in banking

Proceedings , Paper 359

Conference Paper
Housing-finance intervention and private incentives: helping minorities and the poor

Proceedings

Working Paper
Mining for Oil Forecasts

In this paper, we study the usefulness of a large number of traditional determinants and novel text-based variables for in-sample and out-of-sample forecasting of oil spot and futures returns, energy company stock returns, oil price volatility, oil production, and oil inventories. After carefully controlling for small-sample biases, we find compelling evidence of in-sample predictability. Our text measures hold their own against traditional variables for oil forecasting. However, none of this translates to out-of-sample predictability until we data mine our set of predictive variables. Our ...
Research Working Paper , Paper RWP 20-20

Working Paper
National Bank Examinations and Operations in the Early 1890s

We use information from examination reports to enrich our understanding of both the examination process and bank operations for National Banks in the early 1890s, the height of the National Banking Era. We describe the examination process and its frequency, as well as the information contained in the examinations relating to bank ownership and corporate governance, the composition and quality of the loan book, dividend payments made by the banks, and the use of different types of liabilities. Our sample of banks is from the larger cities, including several reserve cities, which allows us to ...
Finance and Economics Discussion Series , Paper 2014-19

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