The Check is in the Mail: Correspondent Clearing and the Collapse of the Banking System, 1930 to 1933
研究发现，支票清算系统的弱点在大萧条银行危机中扮演了被忽视的角色，代理清算网络易受连锁违约冲击，导致通过代理行清算的银行倒闭率更高。
Weaknesses within the check-clearing system played a hitherto unrecognized role in the banking crises of the Great Depression. Correspondent check-clearing networks were vulnerable to counter-party cascades. Accounting conventions that overstated reserves available to corresponding institutions may have exacerbated the situation. The initial banking panic began when a correspondent network centered in Nashville collapsed, forcing over 100 institutions to suspend operations. As the contraction continued, additional correspondent systems imploded. The vulnerability of correspondent networks is one reason that banks that cleared via correspondents failed at higher rates than other institutions during the Great Depression.