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Bank Failures and Economic Activity: Evidence from the Progressive Era / Gary Richardson, Marco Del Angel, Michael Gou.
- Format:
- Book
- Author/Creator:
- Richardson, Gary.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w32345.
- NBER working paper series no. w32345
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2024.
- Summary:
- During the Progressive Era (1900-29), economic growth was rapid but volatile. Boom and busts witnessed the formation and failure of tens of thousands of firms and thousands of banks. This essay uses new data and methods to identify causal links between failures of banks and bankruptcies of firms. Our analysis indicates that bank failures triggered bankruptcies of firms that depended upon banks for ongoing access to commercial credit. Firms that did not depend upon banks for credit did not fail in appreciably larger numbers after banks failed or during financial panics.
- Notes:
- Print version record
- April 2024.
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