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Branch Banking as a Device for Discipline : Competition and Bank Survivorship During the Great Depression

Carlson, Mark - 2007

Because California was a pioneer in the development of intrastate branching, we use its experience during the 1920s and … 1930s to assess the effects of the expansion of large-scale, branch-banking networks on competition and the stability of … banks responded to increased competition from branch banks by changing their operations in ways consistent with efforts to …

Persistent link: https://www.econbiz.de/10012465718

Branch Banking, Bank Competition, and Financial Stability

Carlson, Mark - 2005

findings. Using data on national banks from the 1920s and 1930s, we show that branch banking increases competition and forces … strengthening the branch banks themselves. Our empirical results suggest that the effects that branching had on competition were …

Persistent link: https://www.econbiz.de/10012467393

Liquidity Requirements, Free-Riding, and the Implications for Financial Stability Evidence from the early 1900s

Carlson, Mark - 2020

Maintaining sufficient liquidity in the financial system is vital for its stability. However, since returns on liquid assets are typically low, individual financial institutions may seek to hold fewer such assets, especially if they believe they can rely on other institutions for liquidity...

Persistent link: https://www.econbiz.de/10012482132

Let the Worst One Fail : A Credible Solution to the Too-Big-To-Fail Conundrum

Philippon, Thomas; Wang, Olivier - National Bureau of Economic Research - 2021

We study time-consistent bank resolution mechanisms. When interventions are ex post efficient, a government cannot commit not to inject capital into the banking system. Contrary to common wisdom, we show that the government may still avoid moral hazard and implement the first best allocation by...

Persistent link: https://www.econbiz.de/10012794588

Did Inequality in Farm Sizes Lead to Suppression of Banking and Credit in the Late Nineteenth Century?

Jaremski, Matthew S. - 2017

This paper creates a new database that covers all banks in the United States in the census years between 1870 and 1900 to test the interaction between inequality and financial development when the banking system was starting over from scratch. A fixed-effects panel regression shows that the...

Persistent link: https://www.econbiz.de/10012455333

Fertility and Financial Development : Evidence from U.S. Counties in the 19th Century

Basso, Alberto - 2014

The old-age security hypothesis establishes that one important reason why parents have a large offspring is to ensure that they will receive financial support from them in old age. In this paper we use data on fertility and financial development in 19th century U.S. to indirectly test this...

Persistent link: https://www.econbiz.de/10012458177

Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism

Cecchetti, Stephen G. - 1999

Among the many challenges facing the new Eurosystem is the possibility that the regions of the euro area will respond differently to interest rate changes. In this essay, I provide evidence that differences in financial structure are the proximate cause for these national asymmetries in the...

Persistent link: https://www.econbiz.de/10012471636

Common Fundamentals in the Tequila and Asian Crises

Tornell, Aaron - 1999

The cross-country variation in the severity of the crisis was largely determined by three fundamentals: the strength of the banking system, the real appreciation, and the international liquidity of the country. We also find that the rule that links fundamentals to the crisis severity has been...

Persistent link: https://www.econbiz.de/10012471655

Collective Moral Hazard and the Interbank Market

Altinoglu, Levent; Stiglitz, Joseph E. - National Bureau of Economic Research - 2022

The concentration of risk within the financial system leads to systemic instability. We propose a theory to explain the structure of the financial system and show how it alters the risk taking incentives of financial institutions when the government optimally intervenes during crises. By issuing...

Persistent link: https://www.econbiz.de/10012938776

Federal Reserve Structure, Economic Ideas, and Monetary and Financial Policy

Bordo, Michael D. - 2019

Federal Reserve's decentralized structure by allowing for more competition in ideas and reducing groupthink …

Persistent link: https://www.econbiz.de/10012480044