Interbank Networks and the Interregional Transmission of Financial Crises: Evidence from the Panic of 1907

• 成果类型: Article
• 署名作者: Utah System of Higher Education; Utah State University; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050724000512
• 发表日期: 2025
• 页码: 152-179
• 关键词: systemic risk; BANK

摘要

This paper provides quantitative evidence on interbank transmission of financial distress in the Panic of 1907 and ensuing recession. Originating in New York City, the panic led to payment suspensions and emergency currency issuance in many cities. Data on the universe of interbank connections show that (1) suspension was more likely in cities whose banks had closer ties to banks at the center of the panic, (2) banks with such links were more likely to close in the panic and recession, and (3) banks responded to the panic by rearranging their correspondent relationships, with implications for network structure.