2025-08-25-美联储-1924年新墨西哥州的银行业恐慌和美联储的回应（英）页_17页_285kb

The paper examines the 1924 banking panic in New Mexico, where approximately 25% of the banks closed due to widespread runs amid economic challenges from agricultural depression, drought, and high leverage in the banking sector. The Federal Reserve responded by using both high-profile actions, such as an emergency airlift of cash to Albuquerque, and low-key interventions, like providing unpublicized discount window loans to stabilize banks without exacerbating confidence issues. This dual approach effectively curbed the panic, restored confidence, prevented further closures, and offered insights into balancing public visibility and discretion in crisis responses. The episode underscores the Federal Reserve's role as a lender of last resort during regional financial distress.