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263 records from EconBiz based on author Name
1. Independent Regulators and Financial Stability : Evidence from Gubernatorial Campaigns and a Progressive Era Policy Experiment
abstractRegulatory independence forms a foundation for modern financial systems. To illuminate the value of this ubiquitous institution, we examine a Progressive Era policy experiment in which hitherto independent regulators came under gubernatorial supervision. After this change, failure rates declined during gubernatorial election campaigns for banks under gubernatorial jurisdiction. Declines did not occur during campaigns for other officials or for nationally chartered banks. Declines in bank resolutions during campaigns reduced business bankruptcies. We corroborate these claims with new data and novel IV regressions. Our results indicate that political subservience of financial regulators links electoral and economic cycles
Del Angel, Marco; Richardson, Gary;2022
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
2. Federal Reserve Independence and Congressional Intent : A Reappraisal of Marriner Eccles' Role in the Reformulation of the Fed in 1935
abstractCongressional intent concerning the independence of the Federal Reserve matters because it protects the public from the politicization of monetary policy. Attempts to subordinate monetary policy to the President could easily end up in front of the Supreme Court. The outcome of such a case would depend importantly on the historical record. Understanding what Congress intended when it designed the decision-making structure of the Fed requires a clear understanding Marriner Eccles' proposal for the structure of monetary policymaking in Title II of the Banking Act of 1935 and the Congressional response. Eccles' proposal vested monetary policymaking in a body beholden to the President. Eccles argued that leaders of the Fed should serve at the discretion of the President and implement the President's monetary program. The Senate and House rejected Eccles' proposal and explicitly designed the Fed's leadership structure to limit politicians'--particularly the President's--influence on monetary policymaking
Richardson, Gary; Wilcox, David W.;2024
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
3. Contagion of fear : panics, money, and the Great Depression
Marodin, Fabrizio Almeida; Mitchener, Kris; Richardson, Gary;2024
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link Link
4. Bank Failures and Economic Activity : Evidence from the Progressive Era
abstractDuring the Progressive Era (1900-29), economic growth was rapid but volatile. Boom and busts witnessed the formation and failure of tens of thousands of firms and thousands of banks. This essay uses new data and methods to identify causal links between failures of banks and bankruptcies of firms. Our analysis indicates that bank failures triggered bankruptcies of firms that depended upon banks for ongoing access to commercial credit. Firms that did not depend upon banks for credit did not fail in appreciably larger numbers after banks failed or during financial panics
Richardson, Gary; Angel, Marco del; Gou, Michael;2024
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
5. Bank Lending and Deposit Crunches during the Great Depression
abstractBank distress was a defining feature of the Great Depression in the United States. Most banks, however, weathered the storm and remained in operation throughout the contraction. We show that surviving banks cut lending when depositors withdrew funds en masse during panics. This panic-induced decline in lending explains about one-third of the reduction in aggregate commercial bank lending between 1929 and 1932, more than twice as much as attributed to the failure of banks
Mitchener, Kris; Richardson, Gary;2024
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
6. Businesses and Borrowing during the Roaring '20s and at the Onset of the Great Depression
abstractWhich firms relied on commercial banks for credit and which firms did not at the onset of the Great Depression would seem to be an important question given the vast literature discussing banking distress in the United States during the 1930s. The question, however, has not been answered. This essay addresses that issue by analyzing data from an Internal Revenue Service publication, Statistics of Income. The hitherto unexplored data reveals that small firms in all industries borrowed heavily from commercial banks and relied on them for credit necessary to fund ongoing operations. The largest firms in most sectors deposited more in banks than they borrowed from them. Sectors whose firms depended most on commercial banks for credit were wholesaling, retailing, services, and the processing of agricultural products. In contrast, nearly half of economic activity in mining and construction, the majority of output in manufacturing, and the preponderance of firms in transportation operated independent of commercial banks
Richardson, Gary; Angel, Marco del;2024
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
7. Business Failures by Branch of Business in the United States, 1895 to 1935 : A Statistical History
abstractDun's Review began publishing monthly data on bankruptcies by branch of business during the 1890s. Those series evolved through many iterations. This essay reconstructs the series from 1895 to 1935 and discusses how it can be used for economic analysis
Richardson, Gary; Angel, Marco del; Gou, Michael;2024
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
8. Traumatic Financial Experiences and Persistent Changes in Financial Behavior : Evidence from the Freedman's Savings Bank
abstractThe failure of the Freedman's Savings Bank (FSB), one of the only Black-serving banks in the early post-bellum South, was an economic catastrophe and one of the great episodes of racial exploitation in post-Emancipation history. It was also most Black Americans' first experience of banking. Can events like these permanently alter financial preferences and behavior? To test this, we examine the impact of FSB collapse on life insurance-holding, an accessible alternative savings vehicle over the late 19th and early 20th centuries. We document a sharp and persistent increase in insurance demand in affected counties following the shock, driven disproportionately by Black customers. We also use FSB migrant flows to disentangle place-based and cohort-based effects, thus identifying psychological and cultural scarring as a distinct mechanism underlying the shift in financial behavior induced by the bank's collapse. Horizontal and intergenerational transmission of preferences help explain the shock's persistent effects on financial behavior
Arthi, Vellore; Richardson, Gary; Van Orden, Mark;2024
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
9. Traumatic financial experiences and persistent changes in financial behavior : evidence from the freedman's savings bank
Arthi, Vellore; Richardson, Gary; Van Orden, Mark;2024
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link 10. Independent regulators and financial stability evidence from gubernatorial election campaigns in the Progressive Era
Angel, Marco del; Richardson, Gary;2024
Type: Aufsatz in Zeitschrift; Article in journal;
Availability:
Link