Is Deposit Insurance Necessary? A Historical Perspective
分析了美国历史上多种银行保险实验的动机与结构，发现基于相互责任的自监管保险系统成功，而强制州系统失败，同时分支银行增强了稳定性。
The motivation and structure of various banking insurance experiments in U.S. history are analyzed, along with their political alternative, branch banks. In both the antebellum period and in the 1920s, insurance systems that relied on self-regulation, made credible by mutual liability, were successful, while compulsory state systems were not. Branch banking increased stability and resiliency to shocks.