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The Lender of Last Resort and the Run on the Savings and Loans / Peter M. Garber.
- Format:
- Book
- Author/Creator:
- Garber, Peter M.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w0823.
- NBER working paper series no. w0823
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1981.
- Summary:
- Speculative runs on asset price fixing schemes are most often attributed either to an inexplicable mass hysteria or to a sudden, unpredictable random disturbance. Such attribution places runs and panics outside of the realm of scientific inquiry. Alternatively, in this paper I define the notion of a run as a discontinuous shift in portfolio asset holdings brought about by a belief in the end of the price fixing regime. I also argue that runs are foreseeable events and employ the current difficulties of S & L's to serve as an extended example which emphasizes such predictability.
- Notes:
- Print version record
- December 1981.
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