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Market Contagion: Evidence from the Panics of 1854 and 1857

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Author Info
Kelly, M.
O'Grada, C.

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Abstract

To test a model of contagion -where individuals hear some bad news and communicate it to their acquaintances, who pass it on in turn, leading to a market panic- requires a knowledge of the information networks of market participants, something hitherto unavailable. For two panics in the 1850s this paper examines the bahaviour of Irish depositors in a New York bank.

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Publisher Info
Paper provided by College Dublin, Department of Political Economy- in its series Papers with number 99/19.

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Length: 27 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:fth:dublec:99/19

Contact details of provider:
Postal: Ireland; University College Dublin, Department of Political Economy, Centre for Economic Research, Belfield, Dublin 4
Phone: +353-1-7067777
Fax: +353-1-283 0068
Web page: http://www.ucd.ie/economics/
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Related research
Keywords: BANKS FINANCIAL MARKET ECONOMIC HISTORY

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Find related papers by JEL classification:
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Shiller, 021Robert J. & Pound, John, 1989. "Survey evidence on diffusion of interest and information among investors," Journal of Economic Behavior & Organization, Elsevier, vol. 12(1), pages 47-66, August. [Downloadable!] (restricted)
  2. Charles W. Calomiris & Gary Gorton, . "The Origins of Banking Panics: Models, Facts, and Bank Regulation," Rodney L. White Center for Financial Research Working Papers 11-90, Wharton School Rodney L. White Center for Financial Research.
  3. Cormac O Grada & Eugene N. White, 2002. "Who Panics During Panics? Evidence from a Nineteenth Century Savings Bank," NBER Working Papers 8856, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Grinblatt, Mark & Titman, Sheridan & Wermers, Russ, 1995. "Momentum Investment Strategies, Portfolio Performance, and Herding: A Study of Mutual Fund Behavior," American Economic Review, American Economic Association, vol. 85(5), pages 1088-1105, December. [Downloadable!] (restricted)
  5. S. Rao Aiyagari, 1988. "Banking panics, information, and rational expectations equilibrium," Working Papers 320, Federal Reserve Bank of Minneapolis. [Downloadable!]
  6. Lakonishok, Josef & Shleifer, Andrei & Vishny, Robert W., 1992. "The impact of institutional trading on stock prices," Journal of Financial Economics, Elsevier, vol. 32(1), pages 23-43, August. [Downloadable!] (restricted)
  7. V.V. Chari & Ravi Jagannathan, 1984. "Banking Panics," Discussion Papers 618, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  8. Borjas, George J, 1995. "Ethnicity, Neighborhoods, and Human-Capital Externalities," American Economic Review, American Economic Association, vol. 85(3), pages 365-90, June. [Downloadable!] (restricted)
    Other versions:
  9. Chari, V V & Jagannathan, Ravi, 1988. " Banking Panics, Information, and Rational Expectations Equilibrium," Journal of Finance, American Finance Association, vol. 43(3), pages 749-61, July. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Khim Yong, Goh & Kai-Lung, Hui & I.P.L. , Png, 2008. "Social Interaction, Observational Learning, and Privacy: the "Do Not Call" Registry," MPRA Paper 8225, University Library of Munich, Germany. [Downloadable!]
  2. Harrison Hong & Jeffrey D. Kubik & Jeremy C. Stein, 2003. "The Neighbor's Portfolio: Word-of-Mouth Effects in the Holdings and Trade of Money Managers," NBER Working Papers 9711, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Aureo de Paula, 2004. "Social Interactions in a Synchronization Game," Econometric Society 2004 Latin American Meetings 277, Econometric Society. [Downloadable!]
  4. Celen, Bogachan & Hyndman, Kyle, 2006. "Endogenous Network Formation In the Laboratory," MPRA Paper 1440, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  5. Harrison Hong & Jeffrey D. Kubik & Jeremy C. Stein, 2001. "Social Interaction and Stock-Market Participation," NBER Working Papers 8358, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Zhang, Xiaobo & Johnson, Michael & Resnick, Danielle & Robinson, Sherman, 2004. "Cross-country typologies and development strategies to end hunger in Africa," DSGD discussion papers 8, International Food Policy Research Institute (IFPRI). [Downloadable!]
  7. George G. Kaufman & Steven A. Seeling, 2002. "Post-resolution treatment of depositors at failed banks: implications for the severity of banking crises, systemic risk, and too big to fail," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 27-41. [Downloadable!]
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