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Intensified Regulatory Scrutiny and Bank Distress in New York City During the Great Depression

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  • Gary Richardson
  • Patrick Van Horn

Abstract

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.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14120.

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Date of creation: Jun 2008
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Publication status: published as 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.
Handle: RePEc:nbr:nberwo:14120

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  1. Peter Temin, 1991. "Lessons from the Great Depression," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262700441, December.
  2. Albrecht Ritschl & Samad Sarferaz, 2014. "Currency Versus Banking In The Financial Crisis Of 1931," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 55, pages 349-373, 05.
  3. Richardson, Gary, 2006. "Records of the Federal Reserve Board of Governors in Record Group 82 at the National Archives of the United States," Financial History Review, Cambridge University Press, Cambridge University Press, vol. 13(01), pages 123-134, April.
  4. Gary Richardson, 2006. "Quarterly Data on the Categories and Causes of Bank Distress During the Great Depression," NBER Working Papers 12715, National Bureau of Economic Research, Inc.
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Cited by:
  1. Accominotti, Olivier, 2012. "London Merchant Banks, the Central European Panic, and the Sterling Crisis of 1931," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 72(01), pages 1-43, March.
  2. Albrecht Ritschl & Samad Salferaz, 2010. "Crisis?: What crisis?: currency vs. banking in the financial crisis of 1931," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 28726, London School of Economics and Political Science, LSE Library.
  3. Price V. Fishback, 2010. "U.S. Monetary and Fiscal Policy in the 1930s," NBER Working Papers 16477, National Bureau of Economic Research, Inc.
  4. Gary Richardson & Patrick Van Horn, 2011. "When the Music Stopped: Transatlantic Contagion During the Financial Crisis of 1931," NBER Working Papers 17437, National Bureau of Economic Research, Inc.
  5. Mark Billings & Forrest Capie, 2011. "Financial crisis, contagion, and the British banking system between the world wars," Business History, Taylor & Francis Journals, vol. 53(2), pages 193-215.

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