Financial Market Discipline in Early-Twentieth-Century Mexico
利用1900-1910年墨西哥发钞银行的数据，检验银行基本面是否影响存款提取和发钞行为，发现市场纪律在当时的银行体系中发挥了重要作用，但这一结论依赖于纠正1907年危机中银行退出带来的选择偏差。
We test for the presence of market discipline in the banking sector in early-twentieth-century Mexico. Using financial data from note-issuing banks between 1900 and 1910, we examine whether bank fundamentals influenced the patterns of withdrawals and of note issue. We show that fundamentals were a strong determinant of bank withdrawals and note issue, indicating that market discipline was an important feature of the banking system in this period. This result crucially depends on correcting for selection bias generated by the exit of several banks in the 1907 crisis.