The Spatial Transmission of U.S. Banking Panics: Evidence From 1870 to 1929
利用1870-1929年美国国民银行的州级资产负债表数据，研究发现局部银行恐慌会跨州传播，引发信贷收缩和流动资产积累，并构建模型揭示银行间市场在降低融资成本的同时也传播恐慌的权衡。
ABSTRACT We examine the propagation of localised banking panics across the United States using digitised state‐level balance sheet data from National Banks for the 1870–1929 period. Our findings reveal that such panics spill over beyond state borders, triggering moderately persistent credit contractions and liquid asset accumulation. We develop a tractable model illustrating a key trade‐off: while interbank markets—exemplified by the pyramidal reserve structure of the National Banking Era—enable banks to access lower‐cost funding, they also transmit panic effects nationwide.