Network Contagion and Interbank Amplification during the Great Depression
研究发现大萧条时期银行间网络放大了信贷收缩，恐慌导致腹地银行从储备城市成员银行提取存款，进而使这些银行减少对企业的贷款，估计使总商业贷款减少15%。
Interbank networks amplified the contraction in lending during the Great Depression. Panics induced banks in the hinterland to withdraw interbank deposits from Federal Reserve member banks located in reserve and central reserve cities. These correspondent banks responded by curtailing lending to businesses. Between the peak in the summer of 1929 and the banking holiday in the winter of 1933, interbank amplification reduced aggregate commercial bank lending by an estimated 15 percent.