Responding to a Shadow Banking Crisis: The Lessons of 1763
研究了1763年北欧金融危机，发现影子银行在大型银行倒闭后遭遇资金突然流失，阿姆斯特丹银行通过扩大抵押品范围提供紧急流动性，防止了至少两家大银行倒闭。
In August 1763, northern Europe experienced a financial crisis with numerous parallels to the 2008 Lehman episode. The crisis affected merchant banks that were funded by short‐term credit instead of deposits. We use archival data to show that these “shadow” banks suffered a sudden loss of funding after the failure of a major bank. The central bank at the hub of the crisis, the Bank of Amsterdam, responded by broadening the range of collateral it accepted. The data also show how this emergency liquidity helped to contain the crisis, by preventing the collapse of at least two other major banks.