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Banking on the Boom, Tripped by the Bust: Banks and the World War I Agricultural Price Shock

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  • Matthew S. Jaremski
  • David C. Wheelock

Abstract

How do banks respond to asset booms? This paper examines i) how U.S. banks responded to the World War I farmland boom; ii) the impact of regulation; and iii) how bank closures exacerbated the post-war bust. The boom encouraged new bank formation and balance sheet expansion (especially by new banks). Deposit insurance amplified the impact of rising crop prices on bank portfolios, while higher minimum capital requirements dampened the effects. Banks that responded most aggressively to the asset boom had a higher probability of closing in the bust, and counties with more bank closures experienced larger declines in land prices.

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  • Matthew S. Jaremski & David C. Wheelock, 2018. "Banking on the Boom, Tripped by the Bust: Banks and the World War I Agricultural Price Shock," NBER Working Papers 25159, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:25159
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    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913
    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-

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