Replication data for: Shadowy Banks and Financial Contagion during the Great Depression: A Retrospective on Friedman and Schwartz

Principal Investigator(s): View help for Principal Investigator(s) Kris James Mitchener; Gary Richardson

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WP2013_0729__data			10/11/2019 06:39:PM
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Project Citation:

Mitchener, Kris James, and Richardson, Gary. Replication data for: Shadowy Banks and Financial Contagion during the Great Depression: A Retrospective on Friedman and Schwartz. Nashville, TN: American Economic Association [publisher], 2013. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112641V1

Project Description

Summary: This essay assesses whether network linkages within the banking system amplified the real effects of bank failures during the Great Contraction. In 1929, nearly all interbank deposits held by Federal Reserve member banks belonged to "shadowy" nonmember banks which were outside the regulatory reach of federal regulators. Regional banking panics in the early 1930s drained these interbank deposits from central reserve city banks. Money-center banks in Chicago and New York responded to volatile and declining interbank deposits by changing their asset composition. They reduced their lending to businesses and individuals, and increased their holdings of cash and government bonds.

Scope of Project

JEL Classification:
      B31 History of Economic Thought: Individuals
      E32 Business Fluctuations; Cycles
      E44 Financial Markets and the Macroeconomy
      E52 Monetary Policy
      G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
      N12 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-
      N22 Economic History: Financial Markets and Institutions: U.S.; Canada: 1913-

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V1 [2019-10-11]

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