TY  - JOUR
AU  - Richardson,Gary
AU  - Horn,Patrick Van
TI  - Intensified Regulatory Scrutiny and Bank Distress in New York City During the Great Depression
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 14120
PY  - 2008
Y2  - June 2008
UR  - http://www.nber.org/papers/w14120
L1  - http://www.nber.org/papers/w14120.pdf
N1  - Author contact info:
Gary Richardson
Department of Economics
University of California, Irvine
3155 Social Sciences Plaza
Irvine, CA 92697-5100
Tel: 949/824-3189
Fax: 949/824-2182
E-Mail: garyr@uci.edu

Patrick Van Horn
New College of Florida
Division of Social Sciences
5800 Bay Shore Road
Sarasota, FL 34243
E-Mail: pvanhorn@ncf.edu
AB  - 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.
ER  -