The banking panics in the United States in the 1930s: some lessons for today
回顾了20世纪30年代美国银行恐慌中关于流动性不足与资不抵债的争论，发现恐慌主要由流动性冲击导致，并对比2008年危机，指出后者核心问题是资不抵债和交易对手风险，而非流动性不足。
In this paper we discuss the lessons learned from the US banking panics in the 1930s for the response by the Federal Reserve to the crisis of 2008. We revisit the debate over illiquidity versus insolvency in the banking crises of the 1930s and provide empirical evidence that the banking crises largely reflected illiquidity shocks. In the recent crisis the Fed under Bernanke had well learned the lesson from the banking panics of the 1930s of conducting expansionary monetary policy to meet demands for liquidity. However, unlike in the 1930s, the deeper problem of the recent crisis was not illiquidity but insolvency and especially the fear of insolvency of counterparties. A number of virtually insolvent US banks deemed too big and too interconnected to fail were rescued by fiscal bail-outs.