Penned because: Kupiec, Paul H. and you may Carlos D. Ramirez. «Financial Failures as well as the Price of General Chance: Facts out of 1900-1930.» Diary regarding Monetary Intermediation twenty two, zero. step 3 (2013): 285-307.
Which papers investigates the result away from financial problems on financial growth having fun with analysis of 1900 to help you 1930, a time that predates energetic bodies stabilizing procedures and you can has attacks from banking system stress that are not coincident that have recessions. Playing with both VAR and you will a distinction-in-differences methods you to exploits the brand new reactions of one’s Ny and you may Connecticut economies to the Worry out of 1907, i imagine brand new impression out-of bank problems for the economic craft. Over this period, an excellent 0.twelve percent (1 standard departure) escalation in the fresh new obligations of your own unsuccessful depository associations causes a reduction of 17 payment activities from the growth rate of commercial development and you will a beneficial 4 fee section decrease in genuine GNP development.
Authored while the: Jorion, Philippe and you will Gaiyan Zhang. «Credit Contagion out-of Counterparty Exposure.» The fresh new Log of Loans 64, no. 5 (2009): 2053-2087.
Leer másThe results indicate that bank failures dump further financial progress