Data and Code for Off the Rails: The Real Effects of Railroad Bond Defaults following the Panic of 1873 by Christopher Cotter
Principal Investigator(s): View help for Principal Investigator(s) Christopher Cotter, Oberlin College
Version: View help for Version V1
| Name | File Type | Size | Last Modified |
|---|---|---|---|
| commondata | 05/01/2021 12:54:AM | ||
| v10 | 05/01/2021 01:00:AM | ||
| v101 | 05/01/2021 01:05:AM | ||
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application/x-tika-msoffice | 222.3 MB | 04/30/2021 08:54:PM |
Project Description
Summary:
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Although corporate default crises
are often quite severe, previous work has found little impact on real
macroeconomic variables. This article investigates the relationship between
railroad defaults and the balance sheets of local banks following the Panic of
1873. Receivers appointed to run railroads in default lacked the legal tools
necessary to fully maintain railroad operations. The results indicate that
railroad bond defaults negatively impacted the lending activity of local banks.
Affected banks experienced declines in loans and deposits along with increases
in excess reserves. These findings point to a disruption of the transportation
network attributable to railroad bond default crisis.
Scope of Project
Subject Terms:
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Panic of 1873;
Financial Crises;
Railroads;
Corporate Bond Defaults
JEL Classification:
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N21 Economic History: Financial Markets and Institutions: U.S.; Canada: Pre-1913
N21 Economic History: Financial Markets and Institutions: U.S.; Canada: Pre-1913
Geographic Coverage:
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United States
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