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
_gdb.FACSTAFF.8676.10624.sr.lock Unknown 04/30/2021 08:54:PM
a00000001.TablesByName.atx application/vnd.antix.game-component 12 KB 04/30/2021 08:54:PM
a00000001.gdbindexes application/octet-stream 110 bytes 04/30/2021 08:54:PM
a00000001.gdbtable application/octet-stream 970 bytes 04/30/2021 08:54:PM
a00000001.gdbtablx application/octet-stream 5 KB 04/30/2021 08:54:PM
a00000002.gdbtable application/octet-stream 2 KB 04/30/2021 08:54:PM
a00000002.gdbtablx application/octet-stream 5 KB 04/30/2021 08:54:PM
a00000003.gdbindexes application/octet-stream 42 bytes 04/30/2021 08:54:PM
a00000003.gdbtable application/octet-stream 1.1 KB 04/30/2021 08:54:PM
a00000003.gdbtablx application/octet-stream 5 KB 04/30/2021 08:54:PM
    Total of 156 records. Records per page
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Project Description

Summary:  View help for Summary 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:  View help for Subject Terms Panic of 1873; Financial Crises; Railroads; Corporate Bond Defaults
JEL Classification:  View help for JEL Classification
      N21 Economic History: Financial Markets and Institutions: U.S.; Canada: Pre-1913
Geographic Coverage:  View help for Geographic Coverage United States


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V1 [2021-05-13]

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