| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23629 |
| 来源ID | Working Paper 23629 |
| Contagion During the Initial Banking Panic of the Great Depression | |
| Erik Heitfield; Gary Richardson; Shirley Wang | |
| 发表日期 | 2017-07-31 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | The initial banking crisis of the Great Depression has been the subject of debate. Some scholars believe a contagious panic spread among financial institutions. Others argue that suspensions surged because fundamentals, such as losses on loans, drove banks out of business. This paper nests those hypotheses in a single econometric framework, a Bayesian hazard rate model with spatial and network effects. New data on correspondent networks and bank locations enables us to determine which hypothesis fits the data best. The best fitting models are ones incorporating network and geographic effects. The results are consistent with the description of events by depression-era bankers, regulators, and newspapers. Contagion - both interbank and spatial - propelled a panic which healthy banks survived but which forced illiquid and insolvent banks out of operations. |
| 主题 | Econometrics ; Estimation Methods ; Macroeconomics ; History ; Macroeconomic History ; Financial History |
| URL | https://www.nber.org/papers/w23629 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581303 |
| 推荐引用方式 GB/T 7714 | Erik Heitfield,Gary Richardson,Shirley Wang. Contagion During the Initial Banking Panic of the Great Depression. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23629.pdf（446KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
