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Network Contagion and Interbank Amplification during the Great Depression
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Journal Article
Network Contagion and Interbank Amplification during the Great Depression
2019
Overview
Interbank networks amplified the contraction in lending during the Great Depression. Panics induced banks in the hinterland to withdraw interbank deposits from Federal Reserve member banks located in reserve and central reserve cities. These correspondent banks responded by curtailing lending to businesses. Between the peak in the summer of 1929 and the banking holiday in the winter of 1933, interbank amplification reduced aggregate commercial bank lending by an estimated 15 percent.
Publisher
University of Chicago Press,The University of Chicago Press,University of Chicago, acting through its Press
