Market contagion : evidence from the panics of 1854 and 1857

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Title: Market contagion : evidence from the panics of 1854 and 1857
Authors: Ó Gráda, Cormac
Kelly, Morgan
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Date: Dec-2000
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
Subject LCSH: Financial crises--United States
Consumer behavior--United States
Information behavior--United States
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Language: en
Status of Item: Peer reviewed
Appears in Collections:Economics Research Collection

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