The National Banking Acts and the Transformation of New York City Banking During the Civil War Era
研究了《国家银行法》对纽约银行业的意外影响：原有银行抵制新法，反而让新银行主导了代理行市场，但新银行的激进策略加剧了系统性风险。
Focusing on the New York banking sector, we analyze a neglected, but profound impact of the National Banking Acts. By resisting federal banking legislation and “boycotting” newly chartered national banks, the New York Clearing House Association members created market opportunities for the new entrants to dominate the correspondent banking market. The new entrants’ aggressive tactics including interest payments on deposits increased their vulnerability to panicky withdrawals by country banks. They also magnified conflicts of interest within the clearinghouse, which weakened its central banking functions and further destabilized the macroeconomy.