Credit Availability and the Collapse of the Banking Sector in the 1930s
利用美联储1934年对银行和商会的调查数据，研究大萧条期间银行部门困境如何影响信贷可得性，发现银行倒闭影响最大，存款外流和清算拖延也有作用。
This paper examines the mechanism through which banking sector distress affects the availability of credit using the experience of the United States during the Great Depression. We utilize previously neglected data from a 1934 survey conducted by the Federal Reserve System of both banks and Chambers of Commerce regarding the availability of credit, and examine which aspects of the banking system collapse affected credit availability as indicated by the survey. We find that bank failures had the most dominant impact, but there is also some evidence for the importance of funding constraints from deposit outflows and of protracted bank liquidation.