{"id":"https://openalex.org/W1483030786","doi":"https://doi.org/10.2307/2953679","title":"The Option Clause in Scottish Banking","display_name":"The Option Clause in Scottish Banking","publication_year":1997,"publication_date":"1997-05-01","ids":{"openalex":"https://openalex.org/W1483030786","doi":"https://doi.org/10.2307/2953679","mag":"1483030786"},"language":"en","primary_location":{"id":"doi:10.2307/2953679","doi":"https://doi.org/10.2307/2953679","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2953679","pdf_url":null,"source":{"id":"https://openalex.org/S2058785","display_name":"Journal of money credit and banking","issn_l":"0022-2879","issn":["0022-2879","1538-4616"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1","jufo-2","norway-2","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Money, Credit and Banking","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5053334627","display_name":"George Selgin","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"George Selgin","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5004522273","display_name":"Lawrence H. White","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Lawrence H. White","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":3800,"currency":"USD","value_usd":3800},"apc_paid":null,"fwci":4.0346,"has_fulltext":false,"cited_by_count":33,"citation_normalized_percentile":{"value":0.93681138,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":"29","issue":"2","first_page":"270","last_page":"270"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.9848999977111816,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.9848999977111816,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10605","display_name":"Historical Economic and Social Studies","score":0.006099999882280827,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.0020000000949949026,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/scottish-banking","display_name":"Scottish banking","score":0.7620000243186951},{"id":"https://openalex.org/keywords/bank-runs","display_name":"bank runs","score":0.8930000066757202},{"id":"https://openalex.org/keywords/fractional-reserve-banking","display_name":"fractional reserve banking","score":0.8119999766349792},{"id":"https://openalex.org/keywords/banking-history","display_name":"banking history","score":0.42100000381469727},{"id":"https://openalex.org/keywords/deposit-insurance","display_name":"deposit insurance","score":0.4440000057220459},{"id":"https://openalex.org/keywords/lender-of-last-resort","display_name":"lender of last resort","score":0.9860000014305115}],"concepts":[{"id":"https://openalex.org/C2779913896","wikidata":"https://www.wikidata.org/wiki/Q7063001","display_name":"Notice","level":2,"score":0.7861024141311646},{"id":"https://openalex.org/C95803793","wikidata":"https://www.wikidata.org/wiki/Q191836","display_name":"CITES","level":2,"score":0.5827475190162659},{"id":"https://openalex.org/C2778137410","wikidata":"https://www.wikidata.org/wiki/Q2732820","display_name":"Government (linguistics)","level":2,"score":0.5365303754806519},{"id":"https://openalex.org/C190253527","wikidata":"https://www.wikidata.org/wiki/Q295354","display_name":"Law and economics","level":1,"score":0.49171072244644165},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.46365436911582947},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4550493657588959},{"id":"https://openalex.org/C2779816988","wikidata":"https://www.wikidata.org/wiki/Q305418","display_name":"Abandonment (legal)","level":2,"score":0.4163792133331299},{"id":"https://openalex.org/C2777817046","wikidata":"https://www.wikidata.org/wiki/Q376935","display_name":"Deposit insurance","level":2,"score":0.41559332609176636},{"id":"https://openalex.org/C2779465119","wikidata":"https://www.wikidata.org/wiki/Q1817463","display_name":"Lender of last resort","level":4,"score":0.4143916964530945},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.3742712736129761},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.359293669462204},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2698940634727478},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.20446380972862244},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.19256353378295898},{"id":"https://openalex.org/C2992735868","wikidata":"https://www.wikidata.org/wiki/Q66344","display_name":"Central bank","level":3,"score":0.1310291588306427},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.10558140277862549},{"id":"https://openalex.org/C41895202","wikidata":"https://www.wikidata.org/wiki/Q8162","display_name":"Linguistics","level":1,"score":0.0998002290725708},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C505870484","wikidata":"https://www.wikidata.org/wiki/Q180538","display_name":"Fishery","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.2307/2953679","doi":"https://doi.org/10.2307/2953679","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2953679","pdf_url":null,"source":{"id":"https://openalex.org/S2058785","display_name":"Journal of money credit and banking","issn_l":"0022-2879","issn":["0022-2879","1538-4616"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1","jufo-2","norway-2","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Money, Credit and Banking","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"score":0.4699999988079071,"id":"https://metadata.un.org/sdg/16","display_name":"Peace, justice, and strong institutions"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":6,"referenced_works":["https://openalex.org/W1538710777","https://openalex.org/W1997594488","https://openalex.org/W2014367854","https://openalex.org/W2041736904","https://openalex.org/W2157509893","https://openalex.org/W2889968018"],"related_works":["https://openalex.org/W7096827076","https://openalex.org/W1997594488","https://openalex.org/W2041736904","https://openalex.org/W3121653835","https://openalex.org/W4243156127","https://openalex.org/W2171869494","https://openalex.org/W627718062","https://openalex.org/W2555486556","https://openalex.org/W7155506496","https://openalex.org/W7101243545"],"abstract_inverted_index":{"A":[0],"key":[1],"question":[2],"raised":[3],"by":[4,24,182,270],"the":[5,55,72,86,96,100,119,165,183,189,235,255],"modern":[6],"literature":[7,56],"on":[8,95],"laissez-faire":[9],"money":[10],"and":[11,148,175,197,210,217,232,251],"banking":[12,30],"is":[13,57,219],"whether":[14],"unregulated":[15],"fractional-reserve":[16],"banks":[17,108,170],"could":[18],"protect":[19],"themselves":[20],"from":[21,266,296],"bank":[22,68,87,265,280],"runs":[23,158],"purely":[25],"contractual":[26,273],"means.":[27],"If":[28],"so,":[29],"stability":[31],"would":[32,227],"not":[33,242],"require":[34],"government":[35],"to":[36,41,70,146,156,171,244,281,286],"provide":[37],"deposit":[38],"insurance":[39],"or":[40,61,76,82],"act":[42],"as":[43],"a":[44,67,89,263,272,294,298],"lender":[45],"of":[46,63,74,78,93,118,254],"last":[47],"resort.":[48],"One":[49],"possible":[50],"run-proofing":[51,163],"device":[52],"discussed":[53],"in":[54,104,122,159,204],"an":[58,115,278],"option":[112,120,152,173,259],"clause":[121,260],"notice":[62],"withdrawal":[64],"allowing":[66,277],"temporarily":[69],"suspend":[71,282],"redeemability":[73],"some":[75],"all":[77],"its":[79],"liabilities":[80],"(notes":[81],"demand":[83],"deposits)":[84],"provided":[85],"pays":[88],"prespecified":[90],"(penalty)":[91],"rate":[92],"interest":[94],"suspended":[97],"liabilities.":[98],"Before":[99],"practice":[101],"was":[102,164],"outlawed":[103],"1765,":[105],"many":[106],"Scottish":[107,123,169],"issued":[109],"notes":[110,179],"bearing":[111],"clauses.":[113],"In":[114,137],"informative":[116],"reappraisal":[117],"banking,":[124],"James":[125],"A.":[126],"Gherity":[127,139,201,237],"(1995)":[128],"suggests":[129],"that":[130,143,151,162,167,177,195,234,246],"his":[131],"findings":[132],"contradict":[133],"other":[134,199],"recent":[135],"discussions.":[136],"particular,":[138],"disputes":[140],"three":[141],"propositions":[142],"he":[144,224],"attributes":[145],"us":[147],"others:":[149],"1.":[150,248],"clauses":[153],"were":[154,180],"vital":[155],"preventing":[157],"Scotland;":[160],"2.":[161,211],"purpose":[166],"motivated":[168],"employ":[172],"clauses;":[174],"3.":[176],"option-clause":[178],"accepted":[181],"public":[184],"without":[185,289],"prejudice.":[186],"To":[187],"set":[188],"record":[190],"straight,":[191],"we":[192,196],"note":[193],"here":[194],"several":[198],"authors":[200],"cites":[202],"have":[203],"fact":[205],"avoided":[206],"making":[207],"claims":[208],"1":[209],"The":[212,249],"conflict":[213],"between":[214],"Gherity's":[215],"view":[216],"ours":[218],"thus":[220],"much":[221],"smaller":[222],"than":[223],"suggests.":[225],"We":[226],"defend":[228],"claim":[229],"3,":[230],"however,":[231],"argue":[233],"evidence":[236],"offers":[238],"against":[239],"it":[240,292],"does":[241],"suffice":[243],"refute":[245],"claim.":[247],"Potential":[250],"Historical":[252],"Roles":[253],"Option":[256],"Clause":[257],"An":[258],"can":[261],"keep":[262],"solvent":[264],"being":[267],"run":[268,295],"upon":[269],"providing":[271],"circuit":[274],"breaker.":[275],"By":[276],"illiquid":[279],"for":[283],"enough":[284],"time":[285],"liquidate":[287],"assets":[288],"fire-sale":[290],"losses,":[291],"prevents":[293],"forcing":[297],"sol-":[299]},"counts_by_year":[{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":4},{"year":2012,"cited_by_count":3}],"updated_date":"2026-10-29T09:56:32.521200","created_date":"2016-06-24T00:00:00"}
