The panics of 1854 and 1857 : a view from the Emigration Industrial Savings Bank

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Title: The panics of 1854 and 1857 : a view from the Emigration Industrial Savings Bank
Authors: White, Eugene N.
Ó Gráda, Cormac
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Date: Mar-2003
Abstract: Using records of individual depositors’ accounts, this article provides a detailed microeconomic analysis of two banking panics. The panics of 1854 and 1857 were not characterized by an immediate mass panic of depositors and had important time dimensions. We examine depositor behavior using a hazard model. Contagion was the key factor in 1854 but it created only a local panic. The 1857 panic began with runs by businessmen and banking sophisticates followed by less informed depositors. Evidence suggests that this panic was driven by informational shocks in the face of asymmetric information about the true condition of bank portfolios.
Type of material: Journal Article
Publisher: Cambridge University Press on behalf of the Economic History Association
Journal: The Journal of Economic History
Volume: 63
Issue: 1
Start page: 213
End page: 240
Copyright (published version): Copyright 2003 Economic History Association.
Subject LCSH: Banks and banking--History
Financial crises--History
Consumer behavior
DOI: 10.1017/S0022050703001785
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Language: en
Status of Item: Peer reviewed
Appears in Collections:Economics Research Collection

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