The effects of reconstruction finance corporation assistance on Michigan's banks' survival in the 1930s

Charles Calomiris, Joseph R. Mason, Marc Weidenmier and Katherine Bobroff

Explorations in Economic History, 2013, vol. 50, issue 4, 526-547

Abstract: We examine the effects of the Reconstruction Finance Corporation's (RFC) loan and preferred stock programs on bank failure rates in Michigan during the period 1932–1934, which includes the important Michigan banking crisis of early 1933 and its aftermath. Using a new database on Michigan banks, we employ probit and survival duration analysis to examine the effectiveness of the RFC's loan program (the policy tool employed before March 1933) and the RFC's preferred stock purchases (the policy tool employed after March 1933) on bank failure rates.

Keywords: Reconstruction Finance Corporation; Great Depression; Banking crises (search for similar items in EconPapers)
JEL-codes: E53 E58 G21 G28 N12 N22 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (8)

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Related works:
Chapter: The Effects of Reconstruction Finance Corporation Assistance on Michigan's Banks' Survival in the 1930s (2012)
Working Paper: The Effects of Reconstruction Finance Corporation Assistance on Michigan's Banks' Survival in the 1930s (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:exehis:v:50:y:2013:i:4:p:526-547

DOI: 10.1016/j.eeh.2013.07.006

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