Banking Crises without Panics

The authors would like to thank Daniel Dieckelmann, Md Azharul Islam, and Jamil Rahman for their extraordinary research assistance. Isha Agarwal, Isaac Green, William Shao, Sylvia Lu, Felipe Silva, Bryan Tam, Yevhenii Usenko, and the librarians at the Harvard Business School Historical Collections also provided valuable assistance. The authors would also like to thank Jason Donaldson, Sam Hanson, Mikael Juselius, Arvind Krishnamurthy, Randy Kroszner, Solomos Solomou, Moritz Schularick, Andrei Shleifer, Eugene White, and seminar participants at the Bank for International Settlements, Boston Fed, Boston University, Cambridge University, Columbia University, Cornell University, Danmarks Nationalbank, EDHEC, Erasmus University Rotterdam, Federal Reserve Board, Georgetown University, Harvard University, Imperial College London, London Business School, MIT, OCC, Oxford University, Richmond Fed, Rutgers University, University of Bonn, University of British Columbia, University of Maryland, University of Rochester, University of Toronto, Yale University, Chicago Booth financial crises conference, fall 2018 NBER Corporate Finance meeting, Becker-Friedman Institute junior finance/macro conference, 2018 AEA meeting, 2019 AFA meeting, Kentucky Finance Conference, Columbia SIPA / BPI financial regulation conference, and the New York Fed/NYU Conference of Financial Intermediation for their comments and feedback. We thank Mika Vaihekoski and Frans Buelens for sharing data. A previous version of this paper was circulated with the title “Salient Crises, Quiet Crises.” The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.