Failing Banks
研究了1863年至2024年美国银行倒闭的历史，发现倒闭银行普遍资产损失上升、偿付能力恶化、依赖昂贵非核心融资，且可通过简单会计指标预测，表明基本面恶化是主因。
Abstract Why do banks fail? We create a panel covering most commercial banks from 1863 through 2024 to study the history of failing banks in the United States. Failing banks are characterized by rising asset losses, deteriorating solvency, and an increasing reliance on expensive noncore funding. These commonalities imply that bank failures are highly predictable using simple accounting metrics from publicly available financial statements. Failures with runs were common before deposit insurance, but these failures are strongly related to weak fundamentals, casting doubt on the importance of non-fundamental runs. Furthermore, low recovery rates on failed banks’ assets suggest that most failed banks subject to runs were fundamentally insolvent, barring large value destruction of receiverships. Altogether, our evidence suggests that the primary cause of bank failures and banking crises is almost always and everywhere a deterioration of bank fundamentals.