Fighting Financial Crises

Learning from the Past

AvGary B. Gorton,Ellis W. Tallman

Häftad, Engelska, 2021

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Beskrivning

If you’ve got money in the bank, chances are you’ve never seriously worried about not being able to withdraw it. But there was a time in the United States, an era that ended just over a hundred years ago, when bank customers had to pay close attention to the solvency of the banking system, knowing they might have to rush to retrieve their savings before the bank collapsed. During the National Banking Era (1863–1913), before the establishment of the Federal Reserve, widespread banking panics were indeed rather common.Yet these pre-Fed banking panics, as Gary B. Gorton and Ellis W. Tallman show, bear striking similarities to our recent financial crisis. Fighting Financial Crises thus turns to the past to better understand our uncertain present, investigating how panics during the National Banking Era played out and how they were eventually quelled and prevented. The authors then consider the Fed’s and the SEC’s reactions to the recent crisis, building an informative new perspective on how the modern economy works.

Produktinformation

Utgivningsdatum:2021-05-11
Mått:152 x 229 x 20 mm
Vikt:313 g
Format:Häftad
Språk:Engelska
Antal sidor:256
Förlag:The University of Chicago Press
ISBN:9780226786209

Utforska kategorier

Ekonomisk historia inom Ekonomi och Ledarskap
Ekonomisk politik inom Ekonomi och Ledarskap
Finanskriser inom Ekonomi och Ledarskap

Mer om författaren

Gary B. Gorton is the Frederick Frank Class of 1954 Professor of Management and professor of finance at Yale University School of Management and a research associate of the NBER. He is the author of many books, including, most recently, The Maze of Banking: History, Theory, Crisis. Ellis W. Tallman is executive vice president and director of research at the Federal Reserve Bank of Cleveland. He has published extensively on macroeconomics, economic forecasting, and historical episodes of financial crisis in several top journals.

Recensioner i media

"Gorton and Tallman’s historical details of the panics of the 1800s for the New York banks at the epicenter of the financial system are unequaled, based on my research. The authors have taken stories from the contemporary New York press and employed available financial data from bank reports to develop a narrative and accompanying tables that bring to life the panics of that era. These details alone make the book worthy of a place on any financial historian’s bookshelf."

Innehållsförteckning

Preface1 Fighting Financial Crises: Learning from the Past2 The New York Clearing House Association3 The Start of a Panic4 What the New York Clearing House Did during National Banking Era Panics5 Information Production and Suppression and Emergency Liquidity6 “Too Big to Fail” before the Fed7 Certified Checks and the Currency Premium8 The Change in Depositors’ Beliefs during Suspension9 Aftermath10 What Ends a Financial Crisis? Historical Reminders11 Modern Crises: Perspectives from History12 Guiding Principles for Fighting CrisesAppendixesNotesReferencesIndex