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来源类型Working Paper
规范类型报告
DOI10.3386/w28577
来源IDWorking Paper 28577
Oh, How the Mighty Have Fallen: The Bank Failures and Near Failures That Started America\u2019s Greatest Financial Panics
Hugh Rockoff
发表日期2021-03-22
出版年2021
语种英语
摘要This is my presidential address to the Economic History Association that was delivered in September 2020. It examines the failures or in some cases near-failures, of financial institutions that started the 12 most severe peacetime financial panics in the United States, beginning with the Panic of 1819 and ending with the Panic of 2008. The following generalizations were true in most cases, although not in all. (1) Panics were triggered by a short series of failures or near-failures; (2) many of the failing institutions were what we would now call shadow banks; (3) typically, the source of trouble was an excessive investment in real estate; and (4) typically, they had outstanding reputations for trustworthiness, prudence, and financial acumen—before they failed. It appears that in these respects the Panic of 2008 was an old-school panic.
主题History ; Financial History
URLhttps://www.nber.org/papers/w28577
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/586251
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Hugh Rockoff. Oh, How the Mighty Have Fallen: The Bank Failures and Near Failures That Started America\u2019s Greatest Financial Panics. 2021.
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