... (1989a), Calomiris and Schweikart(1991), Chari and Jagannathan (1988), Gorton (1987, 1989b), Gorton and Mullineaux (1987), Jacklin and Bhattacharya (1988), Williamson (1989), and others, have ... system and comparative advantage inmonitoring and enforcement.Notice that there is a subtle difference between the arguments of Calomiris and Kahn (1991) and Gorton (1989b). Calomiris and Kahn ... certificates for depositors' de-mand deposits. Clearing-house loan certificates were printed in small denom-inations and functioned as a hand-to-hand currency. Moreover, since thesesecurities...