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Abstract
We exploit a fixed rule constraining central bank credit provision in a regression discontinuity framework to analyse counterparties' behavioural responses to the (non-)receipt of liquidity during a crisis. In spring 1847, the Bank of England suddenly started rationing credit to avoid violating its gold reserve requirement. We show that counterparties that suffered rejection from the Bank were more likely to fail. Conditional on survival, rationed counterparties learned from their experience and changed their behaviour during a subsequent panic in fall 1847: they came to the discount window more often, but submitted smaller requests and relied less on central bank liquidity overall.

A nation's construction industry is essentially home grown, a derivative of its culture, history, geography and economic circumstances with every building or road a unique product, always a prototype, unlike the honed prototypes set up for efficient production runs of other industries. In terms of what was built and the standards achieved, Construction Industry Advance and Change: Progress in Eight Asian Economies since 1995 describes construction industry progress between 1995 and 2019 in Hong Kong , India, Indonesia, Japan, Malaysia, South Korea, Sri Lanka and Vietnam. The 25-year accounts provide insight into the nature of these individual construction industries, their shared characteristics, and their differing priorities. The book will add knowledge and contextual reference for construction industry professionals, public policy makers and academic researchers studying the industry. New students in construction industry management courses, will find the information and context needed to appreciate the nature of construction industries and the factors affecting industry output performance.