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Autor:innen: 
Erscheinungsjahr: 
2003
Schriftenreihe/Nr.: 
Staff Report No. 176
Verlag: 
Federal Reserve Bank of New York, New York, NY
Zusammenfassung: 
The FDIC used cross-guarantees to close thirty-eight subsidiaries of First RepublicBank Corporation in 1988 and eighteen subsidiaries of First City Bancorporation in 1992 when lead banks from each of these Texas-based bank holding companies were declared insolvent. I use this exogenous failure of otherwise healthy subsidiary banks as a natural experiment for studying the impact of bank failure on local-area real economic activity. I find that the closings of the subsidiaries were associated with a significant decline in bank lending that led to a permanent reduction in real county income of about 3 percent.
Schlagwörter: 
bank failures, cross-guarantee, uniqueness of banks
JEL: 
E5
G18
G33
Dokumentart: 
Working Paper

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