Shattered Rails, Ruined Credit: Financial Fragility and Railroad Operations in the Great Depression
利用1929-1940年美国铁路面板数据，研究发现杠杆对小企业维护有负面影响，破产对大企业维护和就业有正面影响，且大萧条期间效应更大。若所有铁路在1930-1933年破产，GDP和就业将小幅增长。
This article uses a new panel dataset to investigate the relationship between financial fragility and real activity on U.S. railroads during 1929–1940. Leverage had a negative effect on maintenance, within small firms only. Bankruptcy had a positive effect on maintenance and employment, within large firms only. Both leverage and bankruptcy effects were significantly larger during the worst depression years. Had all railroads been bankrupt during 1930–1933, GDP would have increased by 0.2 percent annually, and employment by 0.125 percent annually. Loans by the Reconstruction Finance Corporation had no impact on maintenance or employment.