The Panics of 1854 and 1857: A View from the Emigrant Industrial Savings Bank
利用储户账户记录，微观分析了1854年和1857年两次银行恐慌，发现恐慌并非立即全面爆发，且具有时间维度；1854年恐慌由传染驱动但限于局部，1857年恐慌始于知情储户后蔓延至普通储户，信息不对称是重要因素。
Using records of individual depositors' accounts, this article provides a detailed microeconomic analysis of two banking panics. The panics of 1854 and 1857 were not characterized by an immediate mass panic of depositors and had important time dimensions. We examine depositor behavior using a hazard model. Contagion was the key factor in 1854 but it created only a local panic. The 1857 panic began with runs by businessmen and banking sophisticates followed by less informed depositors. Evidence suggests that this panic was driven by informational shocks in the face of asymmetric information about the true condition of bank portfolios.