State-Sponsored Insurance of Bank Deposits in the United States, 1907–1929
研究了1933年联邦存款保险公司成立前，美国各州建立的存款担保基金，发现银行结构（小单元银行 vs 分支银行）是影响采用的关键因素，而基金设计缺陷导致其失败并促进了分支银行发展。
Before the creation of the Federal Deposit Insurance Corporation in 1933, several states established deposit guarantee funds. The key factor influencing the adoption of deposit insurance by a state was the structure of its banking industry. In states where small unit banks were dominant, there was strong support for guarantee funds to protect deposits; in other states there was more interest in branch banking. The failure to design the guarantee funds in accordance with sound principles of insurance brought about their demise and led to increased branch banking.