Deposit insurance reduces liquidity risk but can increase insolvency risk by encouraging
reckless behavior. Several US states installed deposit insurance laws before the creation of …

Administrative agencies are usually designed to operate at arm's length, enforcing broad
statutory principles through formal legal proceedings and making generally applicable rules …

ABSTRACT I exploit variation in the adoption of disclosure and supervisory regulation
across US states to examine their impact on the development and stability of commercial …

Liquidity shocks transmitted through interbank connections contributed to bank distress
during the Great Depression. New data on interbank connections reveal that banks were …

Regulatory independence forms a foundation for modern financial systems. The institutions'
value is illuminated by a Progressive Era policy experiment when independent state-bank …

We study whether banks are riskier if managers have less liability. We focus on New
England between 1867 and 1880 and consider the introduction of marital property laws that …

This paper describes the establishment of banking supervision in Italy and its operation
between 1926 and 1936, using a narrative approach based on previously classified …

In one of the greatest extensions of property rights in human history, common law countries
began giving rights to married women in the 1850s. Before this “women's liberation,” the …

How do banks respond to asset booms? This paper examines (i) how US banks responded
to the World War I farmland boom;(ii) the impact of regulation; and (iii) how bank closures …

We develop a simple model of banking regulation with two policy instruments: minimum
capital requirements and the supervision of domestic banks. The regulator faces a trade-off …