Financial network structure is an important determinant of systemic risk. This article examines how the U.S. interbank network evolved over a long and important period that included two key events: the founding of the Federal Reserve and the Great Depression. Banks established connections to correspondents that joined the Federal Reserve in cities with Fed offices, initially reducing overall network concentration. The network became even more focused on Fed cities during the Depression, as survival rates were higher for banks with more existing connections to Fed cities, and as survivors established new connections to those cities over time.

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美联储的成立、大萧条和美国银行间网络的演变

金融网络结构是系统性风险的重要决定因素。本文探讨了美国银行间网络如何在漫长而重要的时期内演变，其中包括两个关键事件：美联储的成立和大萧条。银行与在设有美联储办事处的城市加入美联储的代理机构建立联系，最初降低了整体网络集中度。该网络在大萧条期间变得更加关注美联储城市，因为与美联储城市有更多现有联系的银行的存活率更高，并且随着时间的推移，幸存者与这些城市建立了新的联系。