Hidden in plain sight: Correspondent banking in the 1930s
本文利用20世纪30年代伦敦和纽约的2000多个代理行关系数据，从新制度经济学和国际商务视角解释代理行普遍而跨国银行稀缺的现象，并实证检验双边贸易流驱动代理行关系的假说。
We present novel quantitative evidence on the number and location of correspondent banking relationships in the 1930s, a neglected area of international banking. Our data, collected from Thomas Skinners’ Bankers’ Almanac, captures over 2000 correspondent banking connections primarily based on London and New York and a smaller cohort of multinational banks. We draw on the new institutional economics and international business literature to explain the relative ubiquity of correspondent banking and the relative scarcity of multinational banks. Our argument that bilateral trade flows drive correspondent banking is tested empirically using an instrumental Poisson pseudo-maximum likelihood estimation.