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Desperate adventurers and men of straw: the failure of City of Glasgow Bank and its enduring impact on the UK banking system

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  • Button, Richard

    (Bank of England)

  • Knott, Samual

    (Bank of England)

  • Macmanus, Conor

    (Bank of England)

  • Willison, Matthew

    (Bank of England)

Abstract

City of Glasgow Bank was the largest commercial banking failure in the United Kingdom prior to the recent financial crisis and arguably shaped the future structure of the UK banking system.

Suggested Citation

  • Button, Richard & Knott, Samual & Macmanus, Conor & Willison, Matthew, 2015. "Desperate adventurers and men of straw: the failure of City of Glasgow Bank and its enduring impact on the UK banking system," Bank of England Quarterly Bulletin, Bank of England, vol. 55(1), pages 23-35.
    • Handle: RePEc:boe:qbullt:0163
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    References listed on IDEAS

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    1. Acheson Graeme G. & Hickson Charles R & Turner John D, 2010. "Does Limited Liability Matter? Evidence From Nineteenth-Century British Banking," Review of Law & Economics, De Gruyter, vol. 6(2), pages 247-273, December.
    2. Turner,John D., 2014. "Banking in Crisis," Cambridge Books, Cambridge University Press, number 9781107030947.
    3. Sowerbutts, Rhiannon & Zimmerman, Peter & Zer, Ilknur, 2013. "Banks’ disclosure and financial stability (110KB)," Bank of England Quarterly Bulletin, Bank of England, vol. 53(4), pages 326-335.
    4. Farag, Marc & Harland , Damian & Nixon, Dan, 2013. "Bank capital and liquidity," Bank of England Quarterly Bulletin, Bank of England, vol. 53(3), pages 201-215.
    5. Òscar Jordà & Moritz Schularick & Alan M. Taylor, 2013. "When Credit Bites Back," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(s2), pages 3-28, December.
    6. Naqvi, Mona & Southgate, James, 2013. "Banknotes, local currencies and central bank objectives," Bank of England Quarterly Bulletin, Bank of England, vol. 53(4), pages 317-325.
    7. Solomou, Solomos & Weale, Martin, 1991. "Balanced estimates of UK GDP 1870-1913," Explorations in Economic History, Elsevier, vol. 28(1), pages 54-63, January.
    8. Michael Collins, 1989. "The banking crisis of 1878," Economic History Review, Economic History Society, vol. 42(4), pages 504-527, November.
    9. Gracie, Andrew & Chennells, Lucy & Menary, Mark, 2014. "The Bank of England’s approach to resolving failed institutions," Bank of England Quarterly Bulletin, Bank of England, vol. 54(4), pages 409-418.
    10. Collins, Michael & Baker, Mae, 2003. "Commercial Banks and Industrial Finance in England and Wales, 1860-1913," OUP Catalogue, Oxford University Press, number 9780199249862.
    11. Acheson, Graeme G. & Turner, John D., 2008. "The death blow to unlimited liability in Victorian Britain: The City of Glasgow failure," Explorations in Economic History, Elsevier, vol. 45(3), pages 235-253, July.
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    Cited by:

    1. Mark Billings & Simon Mollan & Philip Garnett, 2021. "Debating banking in Britain: The Colwyn committee, 1918," Business History, Taylor & Francis Journals, vol. 63(6), pages 944-965, August.
    2. Goodhart, C. A. E. & Postel-Vinay, Natacha, 2024. "The City of Glasgow Bank failure and the case for liability reform," Economic History Working Papers 121956, London School of Economics and Political Science, Department of Economic History.
    3. Mike Anson & David Bholat & Miao Kang & Ryland Thomas, 2017. "The Bank of England as Lender of Last Resort: New historical evidence from daily transactional data," Working Papers 0117, European Historical Economics Society (EHES).
    4. Willison, Matthew, 2018. "Were banks special? Contrasting viewpoints in mid-nineteenth century Britain," Bank of England working papers 755, Bank of England.
    5. Jinke Li & Geoffrey Meen, 2016. "Agent Based Models, Housing Fluctuations and the Role of Heterogeneous Expectations," Economics Discussion Papers em-dp2016-09, Department of Economics, University of Reading.
    6. Balluck, Kushal & Galiay, Artus & Ferrara, Gerardo & Hogarth, Glenn, 2016. "The small bank failures of the early 1990s: another story of boom and bust," Bank of England Quarterly Bulletin, Bank of England, vol. 56(1), pages 41-51.

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