We investigate whether a bank’s performance during the 1998 crisis, which was viewed at the time as the most dramatic crisis since the Great Depression, predicts its performance during the recent financial crisis. One hypothesis is that a bank that has an especially poor experience in a crisis...

This paper studies how structural transformation exacerbates financial crises. Using newly collected data, I document the persistent effect of credit supply shocks on local economies during the Great Depression. Cities with access to an unusually generous branching network were no different from...

Introduction -- "Too Clubby to Fail": Wall Street Banks Win, Thrifts and Community Banks Lose -- Increased Risk Taking Due to Deregulation -- Deregulation, Politics, and Criminal Prosecutions -- The Four Major Waves of Change in the 1990s That -- Laid the Groundwork for the 2008 Financial Crisis...