The Panic of 1857: Origins, Transmission, and Containment
研究了1857年恐慌的起源、传播过程，并比较了各州银行体系的应对措施，发现银行表现不仅取决于区域条件和与东部银行的联系，还取决于协调行为的能力。
We explain the origins of the Panic of 1857, examine its spread, and compare state banking systems's responses. We describe the decline in western land and railroad investments and the consequent stress on securities brokers and banks in eastern cities, and trace the transmission of the shock to other regions. Bank performance depended not only on regional conditions and links to eastern banks, but on the ability to coordinate behavior. Southern branch banks and coinsuring banks in Ohio and Indiana were particularly successful.