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NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Katherine L. Bobroff

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Working Papers

September 2012The Effects of Reconstruction Finance Corporation Assistance on Michigan's Banks' Survival in the 1930s
with Charles W. Calomiris, Joseph R. Mason, Marc Weidenmier: w18427
This paper examines the effects of the Reconstruction Finance Corporation's (RFC) loan and preferred stock programs on bank failure rates in Michigan during the period 1932-1934, which includes the important Michigan banking crisis of early 1933 and its aftermath. Using a new database on Michigan banks, we employ probit and survival duration analysis to examine the effectiveness of the RFC's loan program (the policy tool employed before March 1933) and the RFC's preferred stock purchases (the policy tool employed after March 1933) on bank failure rates. Our estimates treat the receipt of RFC assistance as an endogenous variable. We are able to identify apparently valid and powerful instruments (predictors of RFC assistance that are not directly related to failure risk) for analyzing th...

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