Quantitative Financial History

at Cornell University


1. Data from Baron, Verner, and Xiong (QJE, 2021)

The following datasets were constructed for the paper "Banking Crises Without Panics." We recommend you first read that paper and especially the data sections in the online appendix to better understand how these variables are constructed.

Main data

Full replication kit (with both annual and monthly datasets):

Banking crises and documentation (46 countries, 1870-2016)

Additional historical data and sources

Important: The following raw data are provided as is and purely for historical interest. It is only a small subset of our original sources, as many sources (e.g., Global Financial Data) could not be shared. Please read the following disclaimer before using.

Original historical sources for bank credit-to-GDP data

Some original historical sources for individual bank and nonfinancial stocks

How to cite this database

Baron, M., Verner, E., & Xiong, W. (2021). "Banking Crises Without Panics". Quarterly Journal of Economics, forthcoming.

2. Data from Baron and Muir (2021)

Our paper "Intermediaries and Asset Prices: International Evidence since 1870" (RFS, 2021) has two new datasets built with historical data:

    1. Aggregate balance sheets of banks and securities firms in the U.S., U.K., and Japan over 1870-2016

    2. Individual Japanese stocks, 1955-2000: prices, dividends, ownership, and other financial data

Download the data and full replication kit here (and raw historical data and original scans here).

How to cite these data

Baron, M., Muir, T. (2021). "Intermediaries and Asset Prices: International Evidence since 1870". Review of Financial Studies, forthcoming.

3. Data from Dieckelmann (2021)

Daniel's working paper provides quartlery data on U.S. corporate securities gross issuance (debt and equity) as well as on total bank loans from 1900-2020. Download the data here. The paper can be found here.

How to cite these data

Dieckelmann, D. (2021). Market sentiment, financial fragility, and economic activity: The role of corporate securities issuance. School of Business & Economics Discussion Paper, No. 2021/06. Freie Universität Berlin.

4. Future datasets

We plan to make other databases available soon:

  • Balance sheets of all banks in 17 countries, 1870-2016 (Matthew Baron, Moritz Schularick , and Kaspar Zimmermann)