A Reinterpretation of the Banking Crisis of 1930
利用银行资产负债表数据，研究了1930年银行业危机中银行倒闭的原因，发现实际因素和货币因素共同导致银行关闭，且这些倒闭与往年无异，可能仅标志衰退开始而非大萧条。
The banking crisis of 1930 is one of the central events of the Great Depression. The causes of this wave of bank failures are examined using individual bank balance sheet data. Both real and monetary factors are found to have forced the closure of banks, many of which were already weakened by regulatory constraints and regional economic difficulties. The bank failures in this crisis do not seem to have been different in character from failures in previous years, suggesting that the rise in the number of failures may have marked only the beginning of a recession rather than a depression.