Fighting Financial Crises

Learning from the Past

Gary B. Gorton, Ellis W. Tallman (Autoren)

Buch | Softcover

256 Seiten

2021
University of Chicago Press (Verlag)
978-0-226-78620-9 (ISBN)

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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.

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.

Preface

1 Fighting Financial Crises: Learning from the Past
2 The New York Clearing House Association
3 The Start of a Panic
4 What the New York Clearing House Did during National Banking Era Panics
5 Information Production and Suppression and Emergency Liquidity
6 “Too Big to Fail” before the Fed
7 Certified Checks and the Currency Premium
8 The Change in Depositors’ Beliefs during Suspension
9 Aftermath
10 What Ends a Financial Crisis? Historical Reminders
11 Modern Crises: Perspectives from History
12 Guiding Principles for Fighting Crises

Appendixes
Notes
References
Index

Erscheinungsdatum	13.05.2021
Zusatzinfo	14 line drawings, 12 tables
Sprache	englisch
Maße	152 x 229 mm
Gewicht	313 g
Themenwelt	Geschichte ► Teilgebiete der Geschichte ► Wirtschaftsgeschichte
	Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
	Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre
	Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft
	Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik
ISBN-10	0-226-78620-X / 022678620X
ISBN-13	978-0-226-78620-9 / 9780226786209
Zustand	Neuware