The Rise and Fall of the First Government-Sponsored Enterprise: The Federal Land Banks, 1916–1932
研究了美国第一家政府支持企业——联邦土地银行的创新设计与内在脆弱性，解释了其1932年崩溃与救助的原因，并指出它如何成为后续企业与金融改革的模板。
While researchers have pointed to numerous methods of expanding state capacity in the Progressive Era, the literature has overlooked the creation of nominally private companies relying on implicit government guarantees, later known as government-sponsored enterprises. This article explains the novelty and structure of the nation's first such enterprises, the Federal Land Banks, and describes how their design embodied several fragilities that contributed to their collapse and bailout in 1932. The article then demonstrates why, despite these problems, the land banks became the model for subsequent enterprises and financial reforms.