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Too Big to Fail: the Panic of 1927

Yokoyama, Kazuki (2007): Too Big to Fail: the Panic of 1927. Published in: Discussion Papers in Economics No. 465

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Abstract

This paper measures that the Bank of Japan adopted the too-big-to-fail doctrine against the panic of 1927. The results at this paper imply that supported banks had higher closure risk or occupied key positions in the local loan-markets. And this paper finds that the Bank of Japan bailed out solvent banks if they had political importance.

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