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《reputation formation in early bank note markets pricing free bank notes》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。
1、3ReputationFormationinEarlyBankNoteMarketsGARYB.GORTON*3.1.INTRODUCTIONThisessaystudiestheformationofreputationsindebtmarkets.ItfocusesparticularlyonthemarketforbanknotesduringtheAmericanFreeBankingEra(183860),duringwhichtimelargenumbersoffirmsenteredbankingandissueddebtintheform
2、ofperpetual,non-interest-bearing,riskydebtclaims,offeringtherightofredemptionondemandatparinspecie.Theconsensusofrecentresearchholdsthatwildcatbankingwasnotapervasiveproblemdur-ingthisperiod(seeRockoff1971,1974,1975,1985,1989;RolnickandWeber1982,1983,1984,1988),butthereisnoexplan
3、ationofthemechanismthatpre-ventedwildcatbanking.1Themainquestionaddressedinthispaperiswhether*ThankstoCharlesCalomiris,DouglasDiamond,EugeneFama,DavidGalenson,BruceGrundy.SamOrez,RobertVishny,twoanonymousreferees,andparticipantsinseminarsatChicago,Illinois,Northwestern,andthePenn
4、MacroLunchGroupfordiscussionandsuggestions.TheresearchassistanceofSung-hoAhn,ChipBayers,EileenBrenan,LalitDas,MollyDooher,LoriGorton,HenryKahwaty,ArvindKrishnamurthy,CharlesChaoLim,RobinPal,GaryStein,Kok-HomTeo,andPeterWinkelmanwasgreatlyappreciated.ThisresearchwassupportedbyNati
5、onalScienceFoundationgrantSES86-18130andaUniversityofPennsylvaniaResearchFundgrant,forwhich1amverygrateful.1.Ingeneral,awildcatbankreferstoabankthatinflateditscurrencytothepointatwhichitcouldnotbecontinuouslyredeemed.Anumberofmoreprecisedefinitionsofwildcatbankinghavebeenproposedin
6、theliterature.Rockoff(1974,1975)providedthedefinitionthatseemstohavebecomestandard.AccordingtoRockoff,anecessaryconditionforwildcatbankingwasthepossibilitythatfreebankscouldvaluethebondsbackingtheirnoteissuanceatparwhen,infact,themarketvaluewasmuchlowerthanpar.Thenawildcatbank,acc
7、ordingtoRockoff(1975),wasabankthatdepositedbackingsecurities,whichwerevaluedatparbythestatebankingauthorities70BANKDEBTmarketmechanisms,monitoringvianoteredemptionandreputationformation,existedthatprovidedincentivesforbanksnottoengageinwildcatbanking.Thetheoryofreputationformatio
8、nindebtmarketsthatistestedhereisduetoDia
