作者：Schnabel, I
摘要：Using information on banks' balance sheets, I analyze the causal links between the banking and currency problems in the German crisis of 1931. I find that the crisis had two independent causes: Political shocks triggered a run on the Reichsmark; and the excessive risk-taking by banks that were too big to fail led to a run on banks. Due to the high level of foreign debt in the banking system, the run on the currency and the deposit withdrawals reinforced each other in a vicious circle and resul...
作者：National Bureau of Economic Research
作者：Loyola University Maryland; City University of New York (CUNY) System; Queens College NY (CUNY); City University of New York (CUNY) System; Queens College NY (CUNY)
作者：California State University System; California State University East Bay
作者：Massachusetts Institute of Technology (MIT)
摘要：I evaluate the effectiveness of financial markets in the early Roman Empire in this article. I review the theory of financial intermediation to describe a hierarchy of financial sources and survey briefly the history of financial intermediation in eighteenth-century Western Europe to provide a standard against which to evaluate the Roman evidence. I then describe the nature of financial arrangements in the early Roman Empire in terms of this hierarchy. This exercise reveals the extent to which...
