Interbank Networks and the Interregional Transmission of Financial Crises: Evidence from the Panic of 1907
利用1907年恐慌期间美国银行间连接数据，量化研究了金融危机如何通过银行间网络从纽约向其他城市传导，发现与恐慌中心联系紧密的城市更易出现支付暂停和银行关闭。
This paper provides quantitative evidence on interbank transmission of financial distress in the Panic of 1907 and ensuing recession. Originating in New York City, the panic led to payment suspensions and emergency currency issuance in many cities. Data on the universe of interbank connections show that (1) suspension was more likely in cities whose banks had closer ties to banks at the center of the panic, (2) banks with such links were more likely to close in the panic and recession, and (3) banks responded to the panic by rearranging their correspondent relationships, with implications for network structure.