Intensified Regulatory Scrutiny and Bank Distress in New York City During the Great Depression
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NBER Working Paper No. 14120
Issued in June 2008
NBER Program(s): DAE
New data reveals that bank distress peaked in New York City, at the center of the United States money market, in July and August 1931, when the banking crisis peaked in Germany and before Britain abandoned the gold standard. This paper tests competing theories about the causes of New York's banking crisis. The cause appears to have been intensified regulatory scrutiny, which was a delayed reaction to the failure of the Bank of United States, rather than the exposure of money-center banks to events overseas.
Published: Richardson, Gary & Van Horn, Patrick, 2009.
"Intensified Regulatory Scrutiny and Bank Distress in New York City During the Great Depression,"
The Journal of Economic History,
Cambridge University Press, vol. 69(02), pages 446-465, June.
This paper is available as PDF (214 K) or via email.
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