Too Big to Fail Before the Fed
研究了美国国家银行时代（美联储成立前）私人银行清算所在金融危机中对成员银行的紧急贷款行为，发现“大而不倒”并非现代危机的根源，而是对短期债务挤兑威胁的合理应对。
“Too-big-to-fail” is consistent with policies followed by private bank clearing houses during financial crises in the U.S. National Banking Era prior to the existence of the Federal Reserve System. Private bank clearing houses provided emergency lending to member banks during financial crises. This behavior strongly suggests that “too-big-to-fail” is not the problem causing modern crises. Rather it is a reasonable response to the threat posed to large banks by the vulnerability of short-term debt to runs.