美联储-1924年新墨西哥州的银行业恐慌和美联储的回应（英）

Finance and Economics Discussion SeriesFederal Reserve Board, Washington, D.C.ISSN 1936-2854 (Print)ISSN 2767-3898 (Online)The Banking Panic in New Mexico in 1924 and the Response ofthe Federal ReserveMark Carlson2025-064Please cite this paper as:Carlson, Mark (2025). “The Banking Panic in New Mexico in 1924 and the Response of theFederal Reserve,” Finance and Economics Discussion Series 2025-064. Washington: Boardof Governors of the Federal Reserve System, https://doi.org/10.17016/FEDS.2025.064.NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminarymaterials circulated to stimulate discussion and critical comment. The analysis and conclusions set forthare those of the authors and do not indicate concurrence by other members of the research staff or theBoard of Governors. References in publications to the Finance and Economics Discussion Series (other thanacknowledgement) should be cleared with the author(s) to protect the tentative character of these papers.The Banking Panic in New Mexico in 1924and the Response of the Federal ReserveMark Carlson∗, †August 11, 2025AbstractThere was a banking panic in New Mexico in early 1924 when about one-fourth of the banks inthe state closed temporarily or permanently amid widespread runs. The Federal Reserve usedboth high profile and behind the scenes operations to calm the panic. This paper provides ahistory of this episode and explores how conspicuous and inconspicuous aspects of the FederalReserve’s response interacted to bolster confidence in the banking system.Keywords: Banking Panic, New Mexico, Federal Reserve, Lender of Last ResortJEL Classification: G01, N21∗Board of Governors of the Federal Reserve System, e-mail: mark.a.carlson@frb.gov.†Evan Carlson provided valuable research assistance. I thank Jonathan Rose and David Wheelock for valuablecomments. The views expressed in this paper are solely the responsibility of the author and should not be interpretedas reflecting the views of the Board of Governors of the Federal Reserve System, or other members of its staff.1IntroductionBetween October 1923 and February 1924 about twenty-five percent of the banks in New Mexico closedtheir doors. Entire counties lost access to banking facilities. While the condition of the banking sectorwas challenged by poor economic fundamentals, this was also a situation in which observers described anaccelerating loss of confidence in the banks, numerous bank runs, and widespread deposit withdrawals. Inshort, a panic. The Federal Reserve responded to provide support to the banking system and contributedto the restoration of financial stability.This article describes the regional panic and the Federal Reserve response which are not well known. Thenarrative itself is useful and adds to our understanding of economic conditions and the financial instabilityof the early 1920s. This article also details the Federal Reserve’s action to stop the panic. There are usefullessons from the Federa