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Crisis Chronicles: The Panic of 1825 and the Most Fantastic Financial Swindle of All Time

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Abstract

Centered in London, the banking panic of 1825 has been called the first modern financial crisis, the first Latin American crisis, and the first emerging market crisis. And while the panic displayed many of the key elements of past crises we have covered?fluctuations in money growth, an investment bubble, a stock market crash, and bank runs?this crisis had its own twists, including a Bank of England that hesitated before stepping in as lender of last resort. But it is perhaps best known for an infamous bond market swindle surrounding an entirely made-up Central American principality. In this edition of Crisis Chronicles, we explore the Panic of 1825 and visit the mythical nation of Poyais.

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  • Donald P. Morgan & James Narron, 2015. "Crisis Chronicles: The Panic of 1825 and the Most Fantastic Financial Swindle of All Time," Liberty Street Economics 20150410, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:87023
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    Cited by:

    1. Laurence Alan Krause, 2019. "Walter Bagehot’s Lombard Street: An Interpretation," Review of Radical Political Economics, Union for Radical Political Economics, vol. 51(4), pages 572-580, December.

    More about this item

    Keywords

    panic of 1825; asymmetric information; financial crisis; lenders of last resort;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • N2 - Economic History - - Financial Markets and Institutions

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