to connected banks. Connected lending of last resort fueled the worst banking crisis in French history, caused an …, highlighting the importance of governance for this core function of central banks. We show that, when faced with a banking panic in …

U.S. banking crisis of the 20th century. Our systemic risk measure captures both the credit risk of an individual bank … commercial banking system (i.e., the network's topology) created more inherent fragility, but systemic risk was nevertheless … banking crisis that occurred between 1930-33 raised systemic risk per bank by 33% and increased the riskiness of the very …