Was the Bank Holiday of 1933 Caused by a Run on the Dollar?
强调1933年银行假日的国际原因，即纽约联邦储备银行的黄金流失而非国内囤积货币决定了其具体时机，并认为罗斯福限制黄金持有和美元贬值对银行系统稳定比存款保险更重要。
International, rather than domestic, causes of both the Bank Holiday of 1933 and the calm in the banking system that followed are emphasized here. New information on gold losses by the New York Federal Reserve, rather than domestic currency hoarding, serve to explain the Bank Holiday's specific timing. Expectations that Roosevelt would devalue the dollar stimulated much of the gold loss. I also argue that Roosevelt's restrictions on gold holdings and foreign exchange dealings and his devaluation of the dollar by 60 percent were more important to the stability of the banking system after the Bank Holiday than was deposit insurance.