Are Prudential Supervision and Regulation Pillars of Financial Stability? Evidence from the Great Depression
利用美国各州在大萧条期间金融困境的差异，研究发现禁止分支银行、高准备金要求、监管者任期长或限制快速清算银行的州，在1929-1933年经历了更高的银行停业率。
Drawing on the variation in financial distress across U.S. states during the Great Depression, this article suggests how bank supervision and regulation affected banking stability during the Great Depression. In response to well‐organized interest groups and public concern over the bank failures of the 1920s, many U.S. states adopted supervisory and regulatory standards that undermined the stability of state banking systems in the 1930s. Those states that prohibited branch banking, had higher reserve requirements, granted their supervisors longer term lengths, or restricted the ability of supervisors to liquidate banks quickly experienced higher state bank suspension rates from 1929 to 1933.