Contagion and Bank Failures During the Great Depression: The June 1932 Chicago Banking Panic
We examine the social costs of asymmetric-information-induced bank panics in an environment without government deposit insurance. Our case study is the Chicago bank panic of June 1932. We compare the ex ante characteristics of panic failures and panic survivors. Despite temporary confusion about ban...
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| Veröffentlicht in: | The American economic review 1997-12, Vol.87 (5), p.863-883 |
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| creator | Calomiris, Charles W. Mason, Joseph R. |
| description | We examine the social costs of asymmetric-information-induced bank panics in an environment without government deposit insurance. Our case study is the Chicago bank panic of June 1932. We compare the ex ante characteristics of panic failures and panic survivors. Despite temporary confusion about bank asset quality on the part of depositors during the panic, which was associated with widespread depositor runs and bank stock price declines, the panic did not produce significant social costs in terms of failures among solvent banks. |
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review</jtitle><date>1997-12-01</date><risdate>1997</risdate><volume>87</volume><issue>5</issue><spage>863</spage><epage>883</epage><pages>863-883</pages><issn>0002-8282</issn><eissn>1944-7981</eissn><coden>AENRAA</coden><abstract>We examine the social costs of asymmetric-information-induced bank panics in an environment without government deposit insurance. Our case study is the Chicago bank panic of June 1932. We compare the ex ante characteristics of panic failures and panic survivors. Despite temporary confusion about bank asset quality on the part of depositors during the panic, which was associated with widespread depositor runs and bank stock price declines, the panic did not produce significant social costs in terms of failures among solvent banks.</abstract><cop>Menasha, Wis</cop><pub>American Economic Association</pub><tpages>21</tpages></addata></record> |
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| ispartof | The American economic review, 1997-12, Vol.87 (5), p.863-883 |
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| source | Jstor Complete Legacy; Periodicals Index Online; EBSCOhost Business Source Complete |
| subjects | Bank assets Bank deposits Bank failures Bank fraud Bank loans Bank portfolios Bank stocks Banking crises Banking industry Banking panics Comparative studies Cooperation Deposit insurance Economic depression Economic models Economic theory Federal Reserve Bank Great Depression History Monetary policy Panic Probability Regression analysis Solvents Stock prices Studies |
| title | Contagion and Bank Failures During the Great Depression: The June 1932 Chicago Banking Panic |
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