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Real Shock, Monetary Aftershock: The 1906 San Francisco Earthquake and the Panic of 1907

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  • ODELL, KERRY A.
  • WEIDENMIER, MARC D.
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    Abstract

    In April 1906 the San Francisco earthquake and fire caused damage equal to more than 1 percent of GNP. Although the real effect of this shock was localized, it had an international financial impact: large amounts of gold flowed into the country in autumn 1906 as foreign insurers paid claims on their San Francisco policies out of home funds. This outflow prompted the Bank of England to discriminate against American finance bills and, along with other European central banks, to raise interest rates. These policies pushed the United States into recession and set the stage for the Panic of 1907.San Francisco s $200,000,000 ash heap involves complications which will be felt on all financial markets for many months to come and the payment of losses sustained represents a financial undertaking of far-reaching magnitude .The Financial Times London , 6 July 1906

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    Bibliographic Info

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

    Volume (Year): 64 (2004)
    Issue (Month): 04 (December)
    Pages: 1002-1027

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    Handle: RePEc:cup:jechis:v:64:y:2004:i:04:p:1002-1027_04

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    Cited by:
    1. Carola Frydman & Eric Hilt & Lily Y. Zhou, 2012. "Economic Effects of Runs on Early 'Shadow Banks': Trust Companies and the Impact of the Panic of 1907," NBER Working Papers 18264, National Bureau of Economic Research, Inc.
    2. Christopher M. Meissner, 2013. "Capital Flows, Credit Booms, and Financial Crises in the Classical Gold Standard Era," NBER Working Papers 18814, National Bureau of Economic Research, Inc.
    3. Michael D. Bordo & John S. Landon-Lane, 2010. "The Global Financial Crisis of 2007-08: Is it Unprecedented?," NBER Working Papers 16589, National Bureau of Economic Research, Inc.
    4. Michael D. Bordo & Angela Redish & Hugh Rockoff, 2011. "Why didn’t Canada have a banking crisis in 2008 (or in 1930, or 1907, or ...)?," NBER Working Papers 17312, National Bureau of Economic Research, Inc.
    5. Tallman, Ellis W. & Moen, Jon R., 2012. "Liquidity creation without a central bank: Clearing house loan certificates in the banking panic of 1907," Journal of Financial Stability, Elsevier, vol. 8(4), pages 277-291.
    6. Ellis W. Tallman, 2012. "The Panic of 1907," Working Paper 1228, Federal Reserve Bank of Cleveland.
    7. Michael D. Bordo & Joseph G. Haubrich, 2012. "Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record," NBER Working Papers 18194, National Bureau of Economic Research, Inc.
    8. Olivier Darne & Amélie Charles, 2011. "Large shocks in U.S. macroeconomic time series: 1860-1988," Post-Print hal-00771828, HAL.
    9. Mark A. Carlson, 2013. "Lessons from the historical use of reserve requirements in the United States to promote bank liquidity," Finance and Economics Discussion Series 2013-11, Board of Governors of the Federal Reserve System (U.S.).
    10. Michael D. Bordo & Joseph G. Haubrich, 2009. "Credit crises, money, and contractions: A historical view," Working Paper 0908, Federal Reserve Bank of Cleveland.
    11. Noy, Ilan, 2012. "Natural disasters and economic policy for the Pacific Rim," Working Paper Series 2088, Victoria University of Wellington, School of Economics and Finance.

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