DEPOSIT INSURANCE AND MORAL HAZARD: EVIDENCE FROM TEXAS BANKING IN THE 1920S
利用1919-1926年得克萨斯州特许银行的检查数据，研究发现存款保险增加了州特许银行的破产概率，并导致贷款集中度上升，而资本化下降，揭示了道德风险效应。
Using recently collected examination data from a sample of Texas state-chartered banks over the period 1919–1926, the role of moral hazard in increasing ex-ante asset risk is explored. Analyzing individual bank-level data, we find that the existence of deposit insurance for state-chartered banks increased their likelihood of failure. Increases in loan concentrations followed declines in capitalization at insured state banks. However, we find no statistically significant relationship between loan concentrations and capitalization at uninsured national banks or at state banks before the introduction of deposit insurance. These results show a moral-hazard effect at work.