The Great Depression as a Savings Glut
新数据显示大萧条期间银行危机伴随储蓄机构和人寿保险存款激增，资金从商业银行流出导致信贷紧缩，为1930年代信贷和总需求下降提供了新解释。
New data covering 23 countries reveal that banking crises of the Great Depression coincided with a sharp international increase in deposits at savings institutions and life insurance. Deposits fled from commercial banks to alternative forms of savings. This fueled a credit crunch since other institutions did not replace bank lending. While asset prices fell, savings held in savings institutions and life insurance companies increased as a share of GDP and in real terms. These findings provide new explanations for the fall in credit and aggregate demand in the 1930s. They illustrate the need to consider nonbank financial institutions when studying banking crises.