This paper provides quantitative evidence on interbank transmission of financial distress in the Panic of 1907 and ensuing recession. Originating in New York City, the panic led to payment suspensions and emergency currency issuance in many cities. Data on the universe of interbank connections show that (1) suspension was more likely in cities whose banks had closer ties to banks at the center of the panic, (2) banks with such links were more likely to close in the panic and recession, and (3) banks responded to the panic by rearranging their correspondent relationships, with implications for network structure.

中文翻译：

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银行间网络和金融危机的地区间传导：来自 1907 年恐慌的证据


本文提供了 1907 年恐慌和随后的经济衰退中金融困境的银行间传导的定量证据。这场恐慌起源于纽约市，导致许多城市暂停付款和紧急货币发行。关于银行间联系的数据显示，（1） 银行与处于恐慌中心的银行关系更密切的城市更有可能暂停，（2） 具有此类联系的银行更有可能在恐慌和衰退中关闭，以及 （3） 银行通过重新安排其代理关系来应对恐慌， 对网络结构的影响。