Research Discussion Paper – RDP 9303 The 1893 Bank Crashes and Monetary Aggregates

Contents

• Introduction
• Existing Estimates of Monetary Aggregates
• Estimate of Deposit Liabilities Converted to Long-Dated Maturities 1893–1914
• Alternative Series of Monetary Aggregates within Australia 1893–1914
• Liquidity of Long-Dated Bank Liabilities
• Conclusions
• Appendix A: Interminable Stock and ‘Other Liabilities’ 1893–1914
• Appendix B: Deposit Receipts and Inscribed Deposit Stock by Bank 1893–1914
• Appendix C: Estimate of Deposit Receipts and Inscribed Stock Held by Banks within Australia 1893–1914
• Appendix D: Estimate of Market Value of Deposit Receipts and Inscribed Stock held by Banks in Australia 1894–1914
• References

The views expressed herein are those of the author and do not necessarily reflect those of the Reserve Bank of Australia. The author is an Associate Professor in the Department of Economic History at the University of Melbourne. Neil Quigley and an anonymous referee are thanked for helpful comments. They receive the usual indemnity.