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

  • Richardson, Gary
  • Van Horn, Patrick

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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Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 69 (2009)
Issue (Month): 02 (June)
Pages: 446-465

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Handle: RePEc:cup:jechis:v:69:y:2009:i:02:p:446-465_00
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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, June.
  2. 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, vol. 13(01), pages 123-134, April.
  3. 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, vol. 55, pages 349-373, 05.
  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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