Econ Papers Daily / 期刊论文
乡村银行与1825年恐慌
Country banks and the Panic of 1825
摘要
The Panic of 1825 was a significant crisis in British financial history. We document how this crisis spread from London banks to England’s real economy. England’s correspondent banking network propagated trouble in sovereign debt markets to small banks outside of London and ultimately to non-financial firms. Using exogenous variation in district-level exposure to the crisis, we show that bank failures led to a substantial number of bankruptcies among non-financial firms. We discuss two potential mechanisms by which the financial system affected the real economy: a fall in aggregate demand and a credit supply shock.
中文摘要
1825年恐慌是英国金融史上一次重大危机。本文记录了这场危机如何从伦敦银行蔓延至英格兰实体经济。英格兰的代理银行网络将主权债务市场的困境传导至伦敦以外的小型银行，并最终波及非金融企业。利用各地区危机暴露程度的外生差异，我们证明银行倒闭导致非金融企业破产数量大幅增加。本文探讨了金融体系影响实体经济的两种潜在机制：总需求下降与信贷供给冲击。