Monetary Intervention Mitigated Banking Panics During the Great Depression: Quasi-Experimental Evidence from the Federal Reserve District Border in Mississippi, 1929 to 1933
In: NBER Working Paper No. w12591
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In: NBER Working Paper No. w12591
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In: NBER Working Paper No. w32783
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In: Journal of political economy, Band 127, Heft 2, S. 465-507
ISSN: 1537-534X
In: Explorations in economic history: EEH, Band 68, S. 71-94
ISSN: 0014-4983
In: NBER Working Paper No. w22074
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In: Explorations in economic history: EEH, Band 50, Heft 4, S. 508-525
ISSN: 0014-4983
In: American economic review, Band 103, Heft 3, S. 73-78
ISSN: 1944-7981
This essay assesses whether network linkages within the banking system amplified the real effects of bank failures during the Great Contraction. In 1929, nearly all interbank deposits held by Federal Reserve member banks belonged to "shadowy" nonmember banks which were outside the regulatory reach of federal regulators. Regional banking panics in the early 1930s drained these interbank deposits from central reserve city banks. Money-center banks in Chicago and New York responded to volatile and declining interbank deposits by changing their asset composition. They reduced their lending to businesses and individuals, and increased their holdings of cash and government bonds.
In: NBER Working Paper No. w18895
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In: Jahrbuch für Wirtschaftsgeschichte: Economic history yearbook, Band 52, Heft 2, S. 29-54
ISSN: 2196-6842
In: NBER Working Paper No. w17437
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Working paper
In: NBER Working Paper No. w15697
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In: NBER Working Paper No. w16637
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