| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16054 |
| DP16054 The Real Effects of Bank Runs. Evidence from the French Great Depression (1930-1931) | |
| Eric Monnet; Stefano Ungaro | |
| 发表日期 | 2021-04-19 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We investigate the causal impact of bank runs by exploiting a key feature of the French Great Depression (1930-1931) that created exogenous geographical variations in the withdrawals of bank deposits. Unregulated commercial banks coexisted with government-backed saving institutions (Caisses d’épargne). During the crisis, depositors who had an account in Caisses d’épargne were more likely to withdraw from banks. Pre-crisis density of Caisses d’épargne accounts was unrelated to economic and bank characteristics. Using this variable as an instrument, we find that a 1% decrease in bank branches reduced aggregate income by 1%. Our identification highlights how a shift of deposits towards safer institutions can affect financial fragility. It holds lessons for current financial regulation and the design of central bank digital currency (CBDC). |
| 主题 | Economic History ; Financial Economics |
| 关键词 | Bank runs Flight-to-safety Banking panics Great depression |
| URL | https://cepr.org/publications/dp16054 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545033 |
| 推荐引用方式 GB/T 7714 | Eric Monnet,Stefano Ungaro. DP16054 The Real Effects of Bank Runs. Evidence from the French Great Depression (1930-1931). 2021. |
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