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American Economic Journal: Macroeconomics: Vol. 5 No. 1 (January 2013)

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Identifying the Effects of Bank Failures from a Natural Experiment in Mississippi during the Great Depression

Article Citation

Ziebarth, Nicolas L. 2013. "Identifying the Effects of Bank Failures from a Natural Experiment in Mississippi during the Great Depression." American Economic Journal: Macroeconomics, 5(1): 81-101.

DOI: 10.1257/mac.5.1.81

Abstract

I examine the causal effect of bank failures during the Great Depression using the quasi-experimental setup of Richardson and Troost (2009). The experiment is based on Mississippi being divided into two Federal Reserve districts, which followed different policies for liquidity provision. This translated into variation in bank failures across the state. Employing a plant-level sample from the Census of Manufactures, I find that banking failures had a negative effect on revenue stemming from a fall in physical output. I find no effect on employment at the plant-level and a large decline at the county-level. (JEL E32, E44, G21, G33, N12, N22, N92)

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Authors

Ziebarth, Nicolas L. (U IA)

JEL Classifications

E32: Business Fluctuations; Cycles
E44: Financial Markets and the Macroeconomy
G21: Banks; Depository Institutions; Micro Finance Institutions; Mortgages
G33: Bankruptcy; Liquidation
N12: Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-
N22: Economic History: Financial Markets and Institutions: U.S.; Canada: 1913-
N92: Regional and Urban History: U.S.; Canada: 1913-

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