Shadowy Banks and Financial Contagion during the Great Depression: A Retrospective on Friedman and Schwartz
评估了银行系统内的网络联系是否放大了大萧条期间银行倒闭对实体经济的冲击，发现影子银行通过银行间存款渠道引发了货币中心银行的信贷收缩。
This essay assesses whether network linkages within the banking system amplified the real effects of bank failures during the Great Contraction. In 1929, nearly all interbank deposits held by Federal Reserve member banks belonged to “shadowy” nonmember banks which were outside the regulatory reach of federal regulators. Regional banking panics in the early 1930s drained these interbank deposits from central reserve city banks. Money-center banks in Chicago and New York responded to volatile and declining interbank deposits by changing their asset composition. They reduced their lending to businesses and individuals, and increased their holdings of cash and government bonds.