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The panics of 1854 and 1857 : a view from the Emigration Industrial Savings Bank
Author(s)
Date Issued
2003-03
Date Available
2008-08-06T10:47:06Z
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
Language
English
Status of Item
Peer reviewed
ISSN
0022-0507
This item is made available under a Creative Commons License
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