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Modes of Contagion in the Banking Panic of 1930

Throughout the 1930s bank failures were highly clustered in time and space. This suggests that financial linkages between banks and/or systematic shocks that affected many banks simultaneously played important roles in depression era banking panics. This paper uses a Bayesian hazard rate model of bank suspensions with spatial and network effects to explore modes of contagion during the banking panic of 1930 in Tennessee, Mississippi, and Alabama.