Alternatives for Distressed Banks during the Great Depression
利用大萧条时期银行数据，发现恐慌期倒闭的银行与在非极端时期通过合并或重组存活的银行财务健康度相当，暗示同时大量银行陷入困境可能加剧了倒闭数量和经济衰退。
Using data on individual banks during the Great Depression, I find that institutions that failed during periods in which failures were especially numerous, such as the banking panics, appear to have been at least as financially sound as banks that were able to pursue alternative resolution strategies, such as merging with another institution or suspending and recapitalizing, during less extreme periods. This result suggests that problems associated with having numerous banks in distress simultaneously during the Depression may have exacerbated the number of banks closed and the economic downturn.