미국 은행 패닉의 원인과 특징에 관한 연구

In this paper, we examine the origins and features of the main banking panics from the first Bank of the United States to the Great Depression in the United States. We can not theoretically forecast the correct occurrence timings of these panics. But we know that these panics started with the bad news, such as the outbreak of war or the failures of the big banks and financial companies. Therefore, we conclude that the banking panics setting off by these failures arose from the bank runs of the depositors. We can see that the length and severity of the banking panics were determined by liquidity supplies in the banking system at that time. In fact, we observed that the banking panics immediately recovered by the quick liquidity supplies in the banking system, but the liquidity shortages deepen the depression through the debt-deflation. In this way, the banking panics were connected with the liquidity supply' abilities. These liquidity supplies prior to the establishment of the Federal Reserve System get accomplished by the bank coalitions, the deposit insurances and the clearinghouses. We find that the Federal Reserve System and the Federal Deposit Insurance successfully manage the banking crises by filling up the asymmetric information and supplying more sufficient liquidity to the depositors in these days.