Bank Distress during the Great Depression: The Illiquidity-Insolvency Debate Revisited

Gary Richardson

NBER Working Paper No. 12717
Issued in December 2006

---- Acknowledgements -----

I thank Shagufta Ahmed, Shaista Ahmed, Jacqueline Chattopadhay, Ching-Yi Chung, Nathan Montgomery, Yuiichi Inomata, Mark Ng, Mitra Pai, Doris Sum, Brandon Tsang, Ian Wagner, and Eve Wang for research assistance. I thank Reid Click, Deborah Kauffman, Ed and Edwin Richardson, and Gloria Richardson for accommodations near the National Archives. I thank Erik Heitfield for the loan of photographic equipment. I thank Marigee Bacolod, Dan Bogart, William Branch, Mark Carlson, Milton Friedman, Michelle Garfinkel, Joseph Mason, Kris Mitchener, and Elmus Wicker for comments on earlier drafts of this essay. I thank numerous friends and colleagues for comments, advice, and encouragement. Portions of this research was funded by NSF Grant D/SES-0551232. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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