The Collapse of the United States Banking System during the Great Depression, 1929 to 1933, New Archival Evidence
一篇分析美国大萧条时期，为何超过1/3的银行关门原因，以及金融系统崩溃对美国经济产生的后果的文章。
ABSTRACT
During the Great Depression, one third of all banks in the United States failed. Scholars
dispute reason for their demise. This essay analyzes new evidence on the sources of bank
distress. The data demonstrates that contagion via correspondent networks and bank runs
propagated the initial banking panics in the fall of 1930. As the depression deepened and asset
values declined, insolvency loomed as the principal threat to depository institutions. These
patterns corroborate some and question other conjectures concerning the causes and
consequences of the financial crisis during the Great Contraction.
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