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Market contagion : evidence from the panics of 1854 and 1857
Author(s)
Date Issued
2000-12
Date Available
2008-08-11T11:46:34Z
Abstract
To test a model of contagion--where individuals hear some bad news and communicate it to their acquaintances, who then pass it on, leading to a market panic--requires a knowledge of the information networks of participants, something hitherto unavailable. For two panics in the 1850s this paper examines the behavior of Irish depositors in a New York bank. As recent immigrants, their social network was determined largely by their place of origin in Ireland, and where they lived in New York. During both panics this social network turns out to be the prime determinant of behavior.
Type of Material
Journal Article
Publisher
American Economic Association
Journal
American Economic Review
Volume
90
Issue
5
Start Page
1110
End Page
1124
Copyright (Published Version)
Copyright 2000 held by the American Economic Association
Classification
G21
N21
Subject – LCSH
Financial crises--United States
Consumer behavior--United States
Information behavior--United States
Language
English
Status of Item
Peer reviewed
ISSN
0002-8282
This item is made available under a Creative Commons License
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