Bank Runs in the Free Banking Period
研究美国自由银行时期私人银行券持有者损失较大、银行大量倒闭的原因，检验了野猫银行假说、债券价格下跌假说和传染性挤兑假说，发现传染效应有支持证据，但对银行倒闭数量影响不大。
Free banks in the United States issued private banknotes without discretionary restriction of entry. Previous research suggests explanations for noteholders' relatively large losses and the substantial number of banks that closed. The authors examine these hypotheses and the hypothesis that contagious runs were important. The evidence provides no support for the importance of wildcat banking due to par versus market valuation of bond reserves; episodic, but not general, support for the importance of declining bond prices; and support for contagion effects and contemporaries' knowledge of them with little or no impact on the number of banks that closed. Copyright 1994 by Ohio State University Press.