Crises and The Development of Economic Institutions: Some Microeconomic Evidence
利用大萧条时期银行和城镇的新数据，研究发现银行体系崩溃严重的地区市场集中度更高，且事后金融监管（如限制银行分支）可能使这种影响持续，暗示危机后监管虽降低金融不稳定，但可能带来长期实际后果。
This paper studies the long run effects of financial crises using new bank and town level data from around the Great Depression. We find evidence that banking markets became much more concentrated in areas that experienced a greater initial collapse in the local banking system. There is also evidence that financial regulation after the Great Depression, and in particular limits on bank branching, may have helped to render the effects of the initial collapse persistent. All of this suggests a reason why post-crisis financial regulation, while potentially reducing financial instability, might also have longer run real consequences.