Interbank Networks and the Interregional Transmission of Financial Crises: Evidence from the Panic of 1907
The Journal of Economic History · 2024 · Matthew Jaremski、David C. Wheelock
中文摘要
本文就1907年恐慌及随后的衰退中金融困境的银行间传导提供了定量证据。这场恐慌起源于纽约市,导致许多城市出现支付暂停和紧急货币发行。关于全部银行间关联的数据表明:(1) 其银行与处于恐慌中心的银行联系更为紧密的城市更可能暂停支付;(2) 具有此类关联的银行在恐慌与衰退期间更可能倒闭;(3) 银行通过重新安排其代理行关系来应对恐慌,这对网络结构具有影响。
Abstract
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.