This article surveys the recent empirical literature on historical banking crises, defined as
events taking place before 1980. Advances in data collection and identification have …

Part 6: Financial Markets and the Macroeconomy. 19. Asset prices, consumption, and the
business cycle (JY Campbell). 20. Human behavior and the efficiency of the financial system …

Interconnections between banking crises and fiscal crises have a long history. We document
the long-run evolution from classic banking panics toward modern banking crises where …

There are two major problems in identifying the output effects of banking panics of the pre–
Great Depression era. First, it is not clear when panics occurred because prior panic series …

Interbank networks amplified the contraction in lending during the Great Depression. Panics
induced banks in the hinterland to withdraw interbank deposits from Federal Reserve …

This paper examines the origins and early performance of the Federal Reserve as lender of
last resort. The Fed was established to overcome the problems of the National Banking era …

This paper offers a historical perspective on the evolution of central banks as lenders of last
resort (LOLR). Countries differ in the statutory powers of the LOLR, which is the outcome of a …

The unit banking structure of the United States produced a uniquely important interbank
correspondent network. During the National Banking Era, this network normally provided …

We study the effects of a contraction in financial intermediation on nonfinancial firms. The
Panic of 1907 originated in the shadow banks of the time, New York's trust companies. The …

We measure the effect of bank failures on economic growth using data from 1900 to 1930, a
period without active government stabilization policies and several severe banking crises …