The Panic of 1930 was a financial crisis that occurred in the United States which led to a severe decline in the money supply during a period of declining economic activity. A series of bank failures from agricultural areas during this time period sparked panic among depositors which led to widespread bank runs across the country.[1]
The increase in the amount of hard cash held in lieu of deposits lowered the money multiplier effect which lowered the money supply and spending, dragging economic growth for the years to come. The lack of expansionary monetary policy by the Federal Reserve Board coupled with such deteriorating financial and economic situation exacerbated the recession into what became known as the Great Contraction and later the Great Depression.[2]
^Wicker, Elmus (1980). "A Reconsideration of the Causes of the Banking Panic of 1930". The Journal of Economic History. 40 (3): 571–583. doi:10.1017/s0022050700085247. S2CID 154778187.
^Hamilton, David (1985). "The Causes of the Banking Panic of 1930: Another View". The Journal of Southern History. 51 (4): 581–608. doi:10.2307/2209516. JSTOR 2209516.
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