Fighting financial crises : learning from the past / Gary B. Gorton and Ellis W. Tallman.

9780226479651 (ebook) :

Chicago : The University of Chicago Press, 2019.

1 online resource : illustrations (black and white).

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Financial crises, banking panics, have plagued all market economies and have throughout history. This text is about fighting financial crises. Lessons and rules are derived from history, in particular from the experience of the US National Banking Era, 1963-1914. In this era, private bank clearing houses were at the forefront of fighting crises. The key lesson concerns managing information during the crisis. Information was withheld by the clearing house so that individual banks did not experience runs. The lessons are applied to modern crises, which are more complicated because of expectations about government and central bank possible future actions. Nevertheless, the rules apply.

Print version :

Books / Online

English

June 04, 2019

Includes bibliographical references and index.

Specialized.