Bank Networks and Systemic Risk: Evidence from the National Banking Acts

<!DOCTYPE html>     <html class='no-js' lang='en'> <head> <base target="_top" /> <meta charset='utf-8'> <meta content='IE=edge' http-equiv='X-UA-Compatible'> <title>Bank Networks and Systemic Risk: Evidence from the National Banking Acts - American Economic Association</title> <meta content='width=device-width, initial-scale=1' name='viewport'> <meta name="format-detection" content="telephone=no"> <meta name="route" value="meta"> <meta name="csrf-param" content="_csrf"> <meta name="csrf-token" content="2_RG7LM0fMCUgs2GtJjqqxJobR41oryReGBRKH323A3sngGJgUwlqtHbi8jCy5nGcSAOZ1eWjKEeLwlQPqnvWQ=="> <meta name="Secure-Key" content="OTlHVURFNC15LUN3N1JQdDMzR2daZGZtREw2YTVQbkNCNkV5b1dXZjBOcVpFbXFPeE58Z2VuZXJhbHxkRUZ6VUhoVVIwUTJMQVVuVGprcE1EY1ZSZ1FiT0g4Q1FTdEtPVGt1S0RNekRCOGNESGx6Y3c9PQ=="> <meta name="jerTk" value=""> <script async src="https://www.googletagmanager.com/gtag/js?id=UA-38835597-1"></script> <meta name="description" content="Bank Networks and Systemic Risk: Evidence from the National Banking Acts by Haelim Anderson, Mark Paddrik and Jessie Jiaxu Wang. Published in volume 109, issue 9, pages 3125-61 of American Economic Review, September 2019, Abstract: The National Banking Acts (NBAs) of 1863–1864 established rules go..."> <meta name="keywords" content="Financial Markets and the Macroeconomy, Financial Crises, Banks; Depository Institutions; Micro Finance Institutions; Mortgages, Financial Institutions and Services: Government Policy and Regulation, Transactional Relationships; Contracts and Reputation; Networks, Economic History: Financial Markets and Institutions: U.S.; Canada: Pre-1913"> <meta name="citation_title" content="Bank Networks and Systemic Risk: Evidence from the National Banking Acts"> <meta name="citation_publication_date" content="2019/09"> <meta name="citation_journal_title" content="American Economic Review"> <meta name="citation_issn" content="0002-8282"> <meta name="citation_volume" content="109"> <meta name="citation_issue" content="9"> <meta name="citation_firstpage" content="3125"> <meta name="citation_lastpage" content="61"> <meta name="citation_doi" content="10.1257/aer.20161661"> <meta name="citation_pdf_url" content="https://www.aeaweb.org/articles/pdf/doi/10.1257/aer.20161661"> <meta name="twitter:card" content="summary"> <meta name="twitter:site" content="@aeajournals"> <meta name="twitter:title" content="Bank Networks and Systemic Risk: Evidence from the National Banking Acts"> <meta name="twitter:description" content="(September 2019) - The National Banking Acts (NBAs) of 1863–1864 established rules governing the amounts and locations of interbank deposits, thereby reshaping the bank networks. Using unique data on bank balance sheets and detailed interbank deposits in 1862 and 1867 in Pennsylvania, we study how the NBAs changed the network structure and quantify the effect on financial stability in an interbank network model. We find that the NBAs induced a concentration of interbank deposits at both the city and bank levels, creating systemically important banks. Although the concentration facilitated diversification, contagion would have become more likely when financial center banks faced large shocks."> <meta name="twitter:image" content="https://www.aeaweb.org/journals/images/aer_2"> <meta name="citation_author" content="Anderson, Haelim"> <meta name="citation_author_institution" content="Center for Financial Research, Federal Deposit Insurance Corporation"> <meta name="citation_author" content="Paddrik, Mark"> <meta name="citation_author_institution" content="US Department of the Treasury"> <meta name="citation_author" content="Wang, Jessie Jiaxu"> <meta name="citation_author_institution" content="Arizona State U"> <link href="/assets/45b2fc49/stylesheets/glyphicons-basic-v2.css" rel="stylesheet"> <link href="/assets/45b2fc49/stylesheets/AeaWebAsset-min.css" rel="stylesheet"> <link href="/assets/ba793d6/themes/smoothness/jquery-ui.css" rel="stylesheet"> <link href="/assets/45b2fc49/stylesheets/glyphicons-halflings-v2.css" rel="stylesheet"> <link href="/assets/45b2fc49/stylesheets/print.css" rel="stylesheet" media="print"> <link href="/assets/45b2fc49/stylesheets/glyphicons.css" rel="stylesheet"> <script src="/assets/f6987dc7/jquery.min.js"></script> <script src="/assets/bac6c03d/yii.js"></script> <script src="/js/ajaxPostProcessor.js"></script> <script src="/js/articles.js"></script> <script src="/assets/45b2fc49/javascripts/vendor/modernizr.js"></script> <script src="//use.typekit.net/egr5vhm.js"></script> <script src="/assets/ba793d6/jquery-ui.min.js"></script> <script src="/assets/45b2fc49/javascripts/AeaWebPluginAsset-min.js"></script> <script src="/assets/f01a1af3/js/SecureCsrfAsset-min.js"></script> <script src="/assets/43f4af05/js/QueClientAsset-min.js"></script> <script src="/assets/e26339b8/js/legal-cookie.js"></script> <script>$(document).ready(function() { window.keyAnltcs = keyAnalytics(); }); $(document).ready(function() { window.qClnt = new queClient({"token":"NFMzRmlGdVBqZHhvcWc3MUxyUjhENXlmcVdtRTM0U2NJc0xRa2xxb2pQQnZIQTk4Q3N8cXVldWVjbGllbnR8UVdGS1ExWk5TRGMzQ3lWelBqOS5CeTQuT3hzRk5YNTJNanNwRkFSME8xUndBaWM1RDM1d0J3PT0="}); }); (function(e){function t(t, n, r, o){"use strict"; function a(){for (var e, n = 0; u.length > n; n++)u[n].href && u[n].href.indexOf(t) > - 1 && (e = !0); e?i.media = r || "all":setTimeout(a)}var i = e.document.createElement("link"), c = n || e.document.getElementsByTagName("script")[0], u = e.document.styleSheets; return i.rel = "stylesheet", i.href = t, i.media = "only x", i.onload = o || function(){}, c.parentNode.insertBefore(i, c), a(), i}var n = function(r, o){"use strict"; if (r && 3 === r.length){var a = e.navigator, i = e.Image, c = !(!document.createElementNS || !document.createElementNS("http://www.w3.org/2000/svg", "svg").createSVGRect || !document.implementation.hasFeature("http://www.w3.org/TR/SVG11/feature#Image", "1.1") || e.opera && - 1 === a.userAgent.indexOf("Chrome") || - 1 !== a.userAgent.indexOf("Series40")), u = new i; u.onerror = function(){n.method = "png", t(r[2])}, u.onload = function(){var e = 1 === u.width && 1 === u.height, a = r[e && c?0:e?1:2]; n.method = e && c?"svg":e?"datapng":"png", n.href = a, t(a, null, null, o)}, u.src = "data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==", document.documentElement.className += " grunticon"}}; n.loadCSS = t, e.grunticon = n})(this);grunticon(["https://www.aeaweb.org/assets/45b2fc49/grunticon/icons.data.svg.css", "https://www.aeaweb.org/assets/45b2fc49/grunticon/icons.data.png.css", "/assets/grunticon/icons.fallback.css"], grunticon.svgLoadedCallback); try{Typekit.load();}catch(e){}</script></head> <body class="internal generic-journal"> <div class="cookie-legal-banner"> <div class="cookie-content"> <div class="cookie-text-wrapper"> <h5 style="font-weight: bold !important; text-transform: none !important; font-size: 16px !important;">This website uses cookies.</h5> <p class="cookie-text">By clicking the "Accept" button or continuing to browse our site, you agree to first-party and session-only cookies being stored on your device to enhance site navigation and analyze site performance and traffic. 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'> Haelim Anderson </li> <li class='author' style='margin-bottom:0.5em; '> Mark Paddrik </li> <li class='author' style='margin-bottom:0.5em; '> Jessie Jiaxu Wang </li> </ul> <div style='margin-top:25px;'> <div class='journal'>American Economic Review </div> <div class="journal"> vol. 109, no. 9, September 2019 </div> </div> <div class="pages">(pp. 3125–61)</div> <section class='download'> <a class="button" href="/articles/pdf/doi/10.1257/aer.20161661"> Download Full Text PDF <br/> (Complimentary) </a> </section> <div class="toggle-content-group"> <ul class="toggle"> <li> <a class="is-active" href="#article-information" style='text-decoration:none; cursor:default;'>Article Information</a> </li> </ul> <section class="article-information-group toggle-content is-visible" id="article-information"> <section class="article-information abstract"> <h4>Abstract</h4> The National Banking Acts (NBAs) of 1863–1864 established rules governing the amounts and locations of interbank deposits, thereby reshaping the bank networks. Using unique data on bank balance sheets and detailed interbank deposits in 1862 and 1867 in Pennsylvania, we study how the NBAs changed the network structure and quantify the effect on financial stability in an interbank network model. We find that the NBAs induced a concentration of interbank deposits at both the city and bank levels, creating systemically important banks. Although the concentration facilitated diversification, contagion would have become more likely when financial center banks faced large shocks. </section> <section class="article-information citation"> <h4>Citation</h4> <cite> Anderson, Haelim, Mark Paddrik, and Jessie Jiaxu Wang. <span class="year">2019.</span> <span class="title">"Bank Networks and Systemic Risk: Evidence from the National Banking Acts."</span> <span class="journal">American Economic Review</span> <span class="vol"> 109 (9): 3125–61<span class="pages">.</span> </span> <span class="doi">DOI: 10.1257/aer.20161661</span> </cite> <form class="citation-export"> <div class="select input "> <label> <label> <select id="export-dropdown" name="args[format]"> <option value="0">Choose Format:</option> <option value="bib">BibTeX</option> <option value="enw">EndNote</option> <option value="txt">Refer/BibIX</option> <option value="ris">RIS</option> <option value="tab">Tab-Delimited</option> </select> </label> </label> <input type='hidden' name='args[doi]' value='10.1257/aer.20161661'/> </div> <div id='previewCitationExport'></div> </form> </section> <section class='article-information additional-materials'> <h4>Additional Materials</h4> <ul id='additionalMaterials'> <li> <a class='track-icpsr' target='_blank' href="http://doi.org/10.3886/E116189V1" doi="10.1257/aer.20161661" accessType="Article View"> Replication Package (1.97 MB) </a> </li><li> <a class='' href="/doi/10.1257/aer.20161661.appx" doi="10.1257/aer.20161661" accessType="Article View"> Online Appendix (284.44 KB) </a> </li><li> <a class='' href="/doi/10.1257/aer.20161661.ds" doi="10.1257/aer.20161661" accessType="Article View"> Author Disclosure Statement(s) (169.49 KB) </a> </li> </ul> </section> <section class='article-information jel-classification'> <h4>JEL Classification</h4> <ul class='jel-codes'> <li> <strong class='code'>E44</strong> Financial Markets and the Macroeconomy <li> <strong class='code'>G01</strong> Financial Crises <li> <strong class='code'>G21</strong> Banks; Depository Institutions; Micro Finance Institutions; Mortgages <li> <strong class='code'>G28</strong> Financial Institutions and Services: Government Policy and Regulation <li> <strong class='code'>L14</strong> Transactional Relationships; Contracts and Reputation; Networks <li> <strong class='code'>N21</strong> Economic History: Financial Markets and Institutions: U.S.; Canada: Pre-1913 </li> </ul> </section> </section> <section class="full-text toggle-content" id="article-full-text"> </section> </div> </section> <aside class="secondary" role="complementary"> <nav class="secondary-navigation" role="navigation"> <h2><a href="/journals">Journals</a></h2><ul><li><div class="nav-divider"></div></li><li class="is-active"><a href="/journals/aer"><em>American Economic Review</em></a></li><li><a href="/journals/aeri"><em>AER: Insights</em></a></li><li><a href="/journals/app"><em>AEJ: Applied Economics</em></a></li><li><a href="/journals/pol"><em>AEJ: Economic Policy</em></a></li><li><a href="/journals/mac"><em>AEJ: Macroeconomics</em></a></li><li><a href="/journals/mic"><em>AEJ: Microeconomics</em></a></li><li><a href="/journals/jel"><em>Journal of Economic Literature</em></a></li><li><a href="/journals/jep"><em>Journal of Economic Perspectives</em></a></li><li><a href="/journals/pandp"><em>AEA Papers and Proceedings</em></a></li><li><div class="nav-divider"></div></li><li><a href="/journals/subscriptions">Subscriptions</a></li><li><a href="/journals/copyright">Copyright and Permissions</a></li><li><a href="/journals/policies">Policies</a></li><li><a href="/journals/data">Data and Code</a></li><li><a href="/journals/get-journal-alerts">Journal Alerts</a></li><li><a href="/research">Research Highlights</a></li><li><a href="/journals/subscriptions/backissues">Back Issues</a></li><li><a href="/journals/printondemand">Print on Demand</a></li><li><a href="/journals/articles/sgml">Journal Metadata</a></li></ul> </nav> <section class="action-group"> </section> </aside> </div></main><footer class='site-footer'> <div class='container'> <nav class='navigation-group'> <ul> <li> <a href="/journals">Journals</a> </li> <li> <a href="/conference">Annual Meeting</a> </li> <li> <a href="/joe">Careers</a> </li> <li> <a href="/resources">Resources</a> </li> <li> <a href="/econlit">EconLit</a> </li> <li> <a href="/about-aea/committees">Committees</a> </li> <li> <a href="/membership">Membership</a> </li> <li> <a href="/about-aea">About AEA</a> </li> <li> <a href="/login/">Log In</a> </li> <li> <a class="contact-link" href="/contact">Contact the AEA</a> </li> </ul> </nav> <div class="social-legal"> <section class='legal'> <ul> <li class='footer-terms'><a href="/terms-of-service/site">Terms of Use</a></li> <li><a href="/privacypolicy">Privacy Policy</a></li> <li class='copyright'>Copyright 2025 American Economic Association. 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Bank Networks and Systemic Risk: Evidence from the National Banking Acts - American Economic Association