The Depositary of Last Resort

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ID: 331899
2026
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Abstract
Abstract What are the consequences of making central bank deposits accessible to actors beyond the banking sector? We collect novel micro data on deposit accounts historically held with the Bank of England by individuals and firms other than banks to study their role in the financial panic of 1866. We document that the use of deposit accounts at the central bank soared during the crisis, while commercial banks permanently lost funding. The expansion in the number of active accounts was fueled by individuals, but the intensive margin increase in balances came almost entirely from firms. Recourse to central bank deposits was heterogeneous and persisted well beyond the panic, reflecting easy access, low opportunity costs, and positive network externalities. At the same time, retail borrowers seeking liquidity support from the Bank during the crisis preferred receiving loan proceeds in the form of cash rather than deposits. JEL Classification: E58, G01, G11, G20, N13, N23
Reference Key
openalex_W7212416232 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Pamfili M. Antipa, Kilian Rieder
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Journal international review of finance
Year 2026
DOI
10.1093/rof/rfag047
URL
https://doi.org/10.1093/rof/rfag047
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