作者：University of California System; University of California Berkeley
作者：University of California System; University of California Irvine
摘要：Weaknesses within the check-clearing system played a hitherto unrecognized role in the banking crises of the Great Depression. Correspondent check-clearing networks were vulnerable to counter-party cascades. Accounting conventions that overstated reserves available to corresponding institutions may have exacerbated the situation. The initial banking panic began when a correspondent network centered in Nashville collapsed, forcing over 100 institutions to suspend operations. As the contraction ...
作者：Santa Clara University
摘要：Prior to the modem civil rights movement of the 1960s, the pay gap between Atrican-American and white workers in the South was large overall, but also quite variable across location. Using 1940 census data, I estimate the white-black earnings gap of men for separate county groups called state economic areas, adjusting for individual differences in schooling and experience. I show that the gap was significantly greater in areas where, ceteris paribus, blacks were a larger proportion of the work...
