Before the founding of the Federal Reserve, bank clearinghouse associations served as an emergency lending facility during the National Bank Era (1863–1913). This article clarifies the operation of clearinghouse loan certificates during panic periods. If clearinghouse loan certificates do not circulate among the general public, then they bear similarities to interbank loans among clearinghouse member banks. In general, the central clearinghouse organization does not act alone as a lender of last resort to make loans from the central clearinghouse to individual member banks.

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1860-1913 年作为美国银行同业拆借的票据交换所贷款凭证

在美联储成立之前，银行票据交换所协会在国家银行时代（1863-1913 年）充当紧急贷款工具。本文阐明了恐慌时期票据交换所贷款凭证的操作。如果票据交换所贷款凭证不在公众之间流通，那么它们与票据交换所成员银行之间的同业拆借具有相似之处。一般而言，中央票据交换所组织不会单独作为最后贷款人从中央票据交换所向个别成员银行提供贷款。