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Bank Portfolios and Bank Failures During the Great Depression: Chicago

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  • Esbitt, Milton

Abstract

Bank failures in Chicago during 1930–1932 are examined to determine whether failures were attributable to poor management practices or to worsening economic conditions. Non-Loop state-chartered banks were divided into those which did not fail and those which failed in 1930, 1931, and 1932. Portfolio variables which contemporary writers held were indicative of poor management practices are used in a multiple discriminant analysis. Using semiannual bank call reports from December 1927 through December 1929, support was found for the poor management hypothesis only for banks destined to fail in 1931

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  • Esbitt, Milton, 1986. "Bank Portfolios and Bank Failures During the Great Depression: Chicago," The Journal of Economic History, Cambridge University Press, vol. 46(2), pages 455-462, June.
    • Handle: RePEc:cup:jechis:v:46:y:1986:i:02:p:455-462_04
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    Cited by:

    1. Gorton, Gary & Winton, Andrew, 2003. "Financial intermediation," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 8, pages 431-552, Elsevier.
    2. Postel-Vinay, Natacha, 2016. "What caused Chicago bank failures in the Great Depression? A look at the 1920s," LSE Research Online Documents on Economics 88844, London School of Economics and Political Science, LSE Library.
    3. Charles W. Calomiris & Joseph R. Mason, 2000. "Causes of U.S. Bank Distress During the Depression," NBER Working Papers 7919, National Bureau of Economic Research, Inc.
    4. Ramirez, Carlos D., 2003. "Did branch banking restrictions increase bank failures? Evidence from Virginia and West Virginia in the late 1920s," Journal of Economics and Business, Elsevier, vol. 55(4), pages 331-352.
    5. Sanjiv R. Das & Kris James Mitchener & Angela Vossmeyer, 2022. "Bank Regulation, Network Topology, and Systemic Risk: Evidence from the Great Depression," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(5), pages 1261-1312, August.
    6. Postel-Vinay, Natacha, 2011. "From a “normal recession” to the “Great Depression”: finding the turning point in Chicago bank portfolios, 1923-1933," Economic History Working Papers 35518, London School of Economics and Political Science, Department of Economic History.
    7. Natacha Postel-Vinay, 2015. "What caused Chicago bank failures in the Great Depression? A look at the 1920s," Working Papers 22, Department of Economic and Social History at the University of Cambridge.

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