Panic in the plains: agricultural markets and the panic of 1893
AbstractNearly every previous study of the 1893 bank panic acknowledges its regional concentration in the Western states yet few provide any in-depth study of what caused such a distinct regional pattern. Here, I recast the 1893 crisis as having its origins in agricultural markets and then spreading to Western banks that were highly exposed to agricultural shocks. Negative shocks to agricultural yields and the relative importance of the wheat crop for specific states emerge as important explanations for the regional pattern of bank closures and thus for the panic itself.
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Bibliographic InfoArticle provided by Association Française de Cliométrie (AFC) in its journal Cliometrica, Journal of Historical Economics and Econometric History.
Volume (Year): 3 (2009)
Issue (Month): 1 (January)
Bank panic; Agricultural markets; Panic of 1893;
Find related papers by JEL classification:
- N11 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: Pre-1913
- N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913
- N51 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - U.S.; Canada: Pre-1913
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- Ramírez, Carlos D., 2009. "Bank fragility, "money under the mattress", and long-run growth: US evidence from the "perfect" Panic of 1893," Journal of Banking & Finance, Elsevier, vol. 33(12), pages 2185-2198, December.
- Scott Fulford & Felipe Schwartzman, 2013. "The credibility of exchange rate pegs and bank distress in historical perspective: lessons from the national banking era," Working Paper 13-18, Federal Reserve Bank of Richmond.
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