The Panic of 1857 in the absence of a National Bank
(2015) EKHM51 20151Department of Economic History
- Abstract
- Research on financial crises is important and especially relevant nowadays when the economy is slowing down globally. The crisis 2007-8 and the Great Depression of the 20th century are the longest and most severe financial calamities ever experienced and they share some eerie similarities with the Panic of 1857 – they all originate in the US but have international implications because they take place in a world of interconnected trade. Despite being similar, these crises are different in their length, severity and the way they were handled by the authorities. The two longest and most severe develop in the context of a National Bank having control over the money supply of the nation, while the shortest in the 19th century developed absent... (More)
- Research on financial crises is important and especially relevant nowadays when the economy is slowing down globally. The crisis 2007-8 and the Great Depression of the 20th century are the longest and most severe financial calamities ever experienced and they share some eerie similarities with the Panic of 1857 – they all originate in the US but have international implications because they take place in a world of interconnected trade. Despite being similar, these crises are different in their length, severity and the way they were handled by the authorities. The two longest and most severe develop in the context of a National Bank having control over the money supply of the nation, while the shortest in the 19th century developed absent of a government bank. These crises contradict the conventional wisdom postulating that in the absence of centralized control over the money supply crises was a recurring theme in the 19th century US. The recessions after the panics of 1819, 1837 and 1857 suggest that lower monetary inflation and no government bank resulted in less severe crises. The crashes of the 19th century and especially the Panic of 1857, tended to cause the most pain on the people who were taking advantage of the system. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/7867333
- author
- Kostadinov, Peter LU
- supervisor
- organization
- course
- EKHM51 20151
- year
- 2015
- type
- H1 - Master's Degree (One Year)
- subject
- keywords
- panic of 1857, panic of 1837, panic of 1819, financial crises
- language
- English
- id
- 7867333
- date added to LUP
- 2015-09-17 09:10:04
- date last changed
- 2015-09-17 09:10:04
@misc{7867333,
abstract = {{Research on financial crises is important and especially relevant nowadays when the economy is slowing down globally. The crisis 2007-8 and the Great Depression of the 20th century are the longest and most severe financial calamities ever experienced and they share some eerie similarities with the Panic of 1857 – they all originate in the US but have international implications because they take place in a world of interconnected trade. Despite being similar, these crises are different in their length, severity and the way they were handled by the authorities. The two longest and most severe develop in the context of a National Bank having control over the money supply of the nation, while the shortest in the 19th century developed absent of a government bank. These crises contradict the conventional wisdom postulating that in the absence of centralized control over the money supply crises was a recurring theme in the 19th century US. The recessions after the panics of 1819, 1837 and 1857 suggest that lower monetary inflation and no government bank resulted in less severe crises. The crashes of the 19th century and especially the Panic of 1857, tended to cause the most pain on the people who were taking advantage of the system.}},
author = {{Kostadinov, Peter}},
language = {{eng}},
note = {{Student Paper}},
title = {{The Panic of 1857 in the absence of a National Bank}},
year = {{2015}},
}