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The Causes of Free Bank Failures

其他書名	A Detailed Explanation
出版	Federal Reserve Bank of Minneapolis, 1982
URL	http://books.google.com.hk/books?id=7JrGjwEACAAJ&hl=&source=gbs_api

註釋"In this paper we propose and test a new explanation of bank behavior during the Free Banking Era, 1837-63. Arguing against the view that free bank failures were due to fraud, we claim that they were caused by exposure to term structure risk. Testing this new explanation with a new and extensive body of data, we find strong support for it: periods of falling bond prices correspond to the periods with most of the free bank failures. The new data do not support the view that fraud caused the failures"--Federal Reserve Bank of Minneapolis web site.