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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 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 postwar 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 Jaremski & David C. Wheelock, 2020. "Banking on the Boom, Tripped by the Bust: Banks and the World War I Agricultural Price Shock," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(7), pages 1719-1754, October.
    • Handle: RePEc:wly:jmoncb:v:52:y:2020:i:7:p:1719-1754
    DOI: 10.1111/jmcb.12725
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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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