Local banking panics of the 1920s: Identification and determinants

• 成果类型: Article
• 署名作者: Davison, Lee K.; Ramirez, Carlos D.
• 署名单位: Federal Deposit Insurance Corporation (FDIC); George Mason University; Federal Deposit Insurance Corporation (FDIC)
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2014.05.001
• 发表日期: 2014
• 页码: 164-177
• 关键词: Bank runs; Banking panics; Cluster analysis; US banking history

摘要

Using a newly discovered dataset of U.S. bank suspensions from 1921 to 1929, we discovered that banking panics were more common in the 1920s than had been believed. Besides identifying panics, we investigate their determinants, finding that local banking panics were more likely when fundamental economic conditions were generally weak and more likely in overbanked states; they were less likely in states with deposit insurance or states where a relatively large share of banks belonged to chain banking organizations. (C) 2014 Elsevier B.V. All rights reserved.