-slump macroeconomic cycles. During both crises, world trade collapsed faster than world incomes and the trade decline was highly …

) and stigma (the cost of having a bank's name revealed) are desirable to restore confidence. Lending facilities raise the …

This paper identifies how bank branching benefited local economies during the Great Depression. Using archival data and … narrative evidence, I show how Bank of America's branch network in 1930s California created an internal capital market to … competing banking offices. The bank's presence caused smaller city property value contractions and stronger recoveries through …

We consider bank panic models in which, depending on the configuration of fundamentals, there can be a positive … probability of a bank panic. A crucial assumption in these models is that new equity cannot enter in a panic. We quantify the … restriction on bank leverage. We compute the Ramsey-optimal leverage restriction but find that there is an implementation problem …

U.S. banking crisis of the 20th century. Our systemic risk measure captures both the credit risk of an individual bank … as well as a bank's position in the network. We construct linkages between all U.S. commercial banks in 1929 and 1934 so … banking crisis that occurred between 1930-33 raised systemic risk per bank by 33% and increased the riskiness of the very …