Bank Networks and Systemic Risk: Evidence from the National Banking Acts
利用1862年和1867年宾夕法尼亚州的银行资产负债表和银行间存款数据，研究了《国家银行法》如何改变银行网络结构，并量化其对金融稳定的影响。
The National Banking Acts (NBAs) of 1863–1864 established rules governing the amounts and locations of interbank deposits, thereby reshaping the bank networks. Using unique data on bank balance sheets and detailed interbank deposits in 1862 and 1867 in Pennsylvania, we study how the NBAs changed the network structure and quantify the effect on financial stability in an interbank network model. We find that the NBAs induced a concentration of interbank deposits at both the city and bank levels, creating systemically important banks. Although the concentration facilitated diversification, contagion would have become more likely when financial center banks faced large shocks.