Using individual balance sheet data from the state banks in one state that was deeply impacted by the 1893 crisis, this article presents evidence that correspondent networks played an important role in transmitting the crisis. In particular, the unexpected closure of a single large national bank in Kansas City considerably increased the probability of suspension among the state banks that were connected to it through the correspondent networks. This episode thus illustrates how contagion can spread through interbank networks and sheds new light on the nature of the 1893 crisis.

中文翻译：

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1893 年恐慌中的银行网络和停业：来自堪萨斯州的国有银行及其代理行的证据

本文使用受 1893 年危机严重影响的一个州的国有银行的个人资产负债表数据，提供了代理网络在传递危机中发挥重要作用的证据。尤其是堪萨斯城一家大型国家银行的意外关闭，大大增加了通过代理网络与其相连的国有银行停业的可能性。因此，这一事件说明了传染如何通过银行间网络传播，并为 1893 年危机的性质提供了新的线索。