标题： 破产的银行 显示英文标题

标题： Failing Banks

摘要： 银行为何会倒闭？ 我们创建了一个涵盖从1863年到2024年大多数商业银行的面板数据，以研究美国银行倒闭的历史。 倒闭的银行通常表现出资产损失增加、偿付能力恶化以及对昂贵非核心资金的依赖加剧。 这些共同特征表明，使用公开财务报表中的简单会计指标可以高度预测银行倒闭。 存款保险之前，因挤兑而倒闭的银行较为常见，但这些倒闭与基本面薄弱密切相关，这使得非基本面挤兑的重要性受到质疑。 此外，倒闭银行资产的低回收率表明，在排除接管机构价值破坏假设过强的情况下，大多数倒闭银行本质上已经资不抵债。 综上所述，我们的证据表明，银行倒闭和银行业危机的主要原因几乎总是且无处不在是银行基本面的恶化。 显示英文摘要

摘要： Why do banks fail? We create a panel covering most commercial banks from 1863 through 2024 to study the history of failing banks in the United States. Failing banks are characterized by rising asset losses, deteriorating solvency, and an increasing reliance on expensive noncore funding. These commonalities imply that bank failures are highly predictable using simple accounting metrics from publicly available financial statements. Failures with runs were common before deposit insurance, but these failures are strongly related to weak fundamentals, casting doubt on the importance of non-fundamental runs. Furthermore, low recovery rates on failed banks' assets suggest that most failed banks were fundamentally insolvent, barring strong assumptions about the value destruction of receiverships. Altogether, our evidence suggests that the primary cause of bank failures and banking crises is almost always and everywhere a deterioration of bank fundamentals.