Coping with Financial Crises

This edited volume is based on original essays first presented at the World Economic History Conference, Kyoto, Japan, in August 2015. It also includes three essays subsequently written especially for this volume. All of the essays focus on financial markets in the periods leading up to, during, and after financial crises, and all are based on new data and archival research. The essays in this volume enlarge the range of historical evidence on the causes and potential cures for financial crises. While not neglecting the United States or Britain, the usual focus of financial historians, it includes studies of financial markets in times of crisis in Japan, Sweden, France, and other countries to achieve a truly global and historical perspective. As a result of the research reported here the reader will be made aware of several neglected factors that have shaped financial crises including the most recent crisis. These factors are (1) the role played by monetary policy in causing and ameliorating crises, (2) the role played by international contagion in private financial markets in propagating financial crises, (3) the role played by variations in the institutional structures of financial markets in determining the impact of financial crises, and (4) the role played by the social background of the central bankers who must contend with financial crises in determining the final outcome.

Explores aspects of financial markets before and after crises that have not previously been examined by economic historians Takes a broad international view and includes studies of Sweden, Japan, France, Britain, and the United States Breaks new ground in the quantitative study of money, interest rates, and the behavior institutions and policymakers in financial crises Includes supplementary material: sn.pub/extras

Auteur

Hugh Rockoff is a distinguished professor of economics at Rutgers, The State University of New Jersey, and a research associate of the National Bureau of Economic Research. His research focuses on the history of monetary policy and financial regulation, and the economics of war. He is the author of books on the U.S. Free Banking Era and the history of price controls in the United States, and of many papers in professional journals. His latest book is America's Economic Way of War: War and the US Economy from the Spanish-American War to the Persian Gulf War . He is also the author, with Gary Walton, of a textbook: History of the American Economy . His undergraduate degree is from Earlham College and his Ph.D. from the University of Chicago.

Isao Suto is a professor of economic history at Meiji University, Tokyo. He gained his Ph.D. in economics from Nagoya University. His books include Shaping of the Post-War Federal Reserve Policy: From New Deal to the Accord (2008).

Contenu

1 Reflections on the Evolution of Financial Crises: Theory, History and Empirics (Michael D. Bordo).- 2 The international contagion of short-run interest rates during the Great Depression(Samuel Maveyraud and Antoine Parent).- 3 Banking Crises and Lender of Last Resort in Theory and Practice in Swedish History, 1850 2010 (Anders Ögren).- 4 It is Always the Shadow Banks: The Regulatory Status of the Banks that Failed and Ignited America's Greatest Financial Panics (Hugh Rockoff).- 5 Milton Friedman and Anna Schwartz on the Inherent Instability of Fractional Reserve Banking (Hugh Rockoff).- 6 Financial Crises and the Central Bank: Lessons from Japan during the 1920s (Masato Shizume).- 7 The Economic and Social Backgrounds of Top Executives of the Federal Reserve Before and After the Great Depression (Isao Suto).