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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...
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competing banking offices. The bank's presence caused smaller city property value contractions and stronger recoveries through …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 …
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, Panics, and Crashes puts the turbulence of the financial world in perspective. Charles P. Kindleberger was the Ford Professor …
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