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The Panics of 1854 and 1857: A View from the Emigrant Industrial Savings Bank

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  • Gr da, Cormac
  • White, Eugene N.

Abstract

Using records of individual depositors accounts, this article provides a detailed microeconomic analysis of two banking panics. The panics of 1854 and 1857 were not characterized by an immediate mass panic of depositors and had important time dimensions. We examine depositor behavior using a hazard model. Contagion was the key factor in 1854 but it created only a local panic. The 1857 panic began with runs by businessmen and banking sophisticates followed by less informed depositors. Evidence suggests that this panic was driven by informational shocks in the face of asymmetric information about the true condition of bank portfolios.

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Bibliographic Info

Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 63 (2003)
Issue (Month): 01 (March)
Pages: 213-240

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Handle: RePEc:cup:jechis:v:63:y:2003:i:01:p:213-240_00

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Cited by:
  1. Kiss, Hubert Janos & Rodriguez-Lara, Ismael & Rosa-García, Alfonso, 2014. "Do Women Panic More Than Men? An Experimental Study on Financial Decision," MPRA Paper 52912, University Library of Munich, Germany.
  2. Fernando Broner, 2003. "Discrete devaluations and multiple equilibria in a first generation model of currency crises," Economics Working Papers 839, Department of Economics and Business, Universitat Pompeu Fabra, revised Jan 2007.
  3. Charles W. Calomiris, 2007. "Bank Failures in Theory and History: The Great Depression and Other "Contagious" Events," NBER Working Papers 13597, National Bureau of Economic Research, Inc.
  4. Zhiguo He & Asaf Manela, 2012. "Information Acquisition in Rumor Based Bank Runs," NBER Working Papers 18513, National Bureau of Economic Research, Inc.
  5. Gary B. Gorton, 2008. "The Subprime Panic," NBER Working Papers 14398, National Bureau of Economic Research, Inc.
  6. Cormac Ó Gráda, 2008. "How the Poor (and not-so-poor) Saved - Savings Banks in Mid-Nineteenth Century Ireland and America," Working Papers 200822, School Of Economics, University College Dublin.
  7. Gary B. Gorton, 2012. "Some Reflections on the Recent Financial Crisis," NBER Working Papers 18397, National Bureau of Economic Research, Inc.
  8. Asaf Manela & Zhiguo He, 2012. "Information Acquisition in Rumor-Based Bank Runs," 2012 Meeting Papers 170, Society for Economic Dynamics.
  9. Gary B. Gorton & Andrew Metrick & Lei Xie, 2014. "The Flight from Maturity," NBER Working Papers 20027, National Bureau of Economic Research, Inc.

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