Bank failures and economic activity: Evidence from the progressive era

IF 2.6 1区 历史学 Q1 ECONOMICS
Marco del Angel , Gary Richardson , Michael Gou
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引用次数: 0

Abstract

During the Progressive Era (1900–29), economic growth was rapid but volatile. Boom and busts witnessed the formation and failure of tens of thousands of firms and thousands of banks. This essay uses new data and methods to identify causal links between failures of banks and bankruptcies of firms. Our analysis indicates that bank failures triggered bankruptcies of firms that depended upon banks for ongoing access to commercial credit. Firms that did not depend upon banks for credit did not fail in appreciably larger numbers after banks failed.

银行倒闭与经济活动:进步时代的证据
在进步时代(1900-29 年),经济增长迅速,但也动荡不安。繁荣与萧条见证了数以万计的公司和数千家银行的成立与倒闭。本文使用新的数据和方法来确定银行倒闭与企业破产之间的因果关系。我们的分析表明,银行倒闭引发了依赖银行持续获得商业信贷的企业破产。不依赖银行信贷的企业在银行倒闭后倒闭的数量并没有明显增加。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
2.50
自引率
8.70%
发文量
27
期刊介绍: Explorations in Economic History provides broad coverage of the application of economic analysis to historical episodes. The journal has a tradition of innovative applications of theory and quantitative techniques, and it explores all aspects of economic change, all historical periods, all geographical locations, and all political and social systems. The journal includes papers by economists, economic historians, demographers, geographers, and sociologists. Explorations in Economic History is the only journal where you will find "Essays in Exploration." This unique department alerts economic historians to the potential in a new area of research, surveying the recent literature and then identifying the most promising issues to pursue.
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