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Wicksell On The American Crisis Of 1907

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  • BOIANOVSKY, MAURO

Abstract

The article discusses Knut Wicksell’s interpretation of the American crisis of 1907, which he presented in a piece published in Swedish in 1908. Wicksell advanced, probably for the first time in the literature, a clear distinction between the “solvency” and “liquidity” of banks, and discussed its implications for the interpretation of crises. Moreover, he called attention to a third desirable attribute of a bank: “flexibility”; that is, the ability to satisfy credit demand at an adequate rate of interest. Wicksell linked that with his better known concept of the cumulative process and the stabilization policy associated with it.

Suggested Citation

  • Boianovsky, Mauro, 2011. "Wicksell On The American Crisis Of 1907," Journal of the History of Economic Thought, Cambridge University Press, vol. 33(02), pages 173-185, June.
  • Handle: RePEc:cup:jhisec:v:33:y:2011:i:02:p:173-185_00
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    File URL: http://journals.cambridge.org/abstract_S1053837211000022
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    1. METAXAS, Theodore & TROMPATZI, Georgia, 2015. "From The Bank Panic Of 1907 To The Great Depression Of 1929 And The Savings And Loan Crisis Of The 1980s: Comparative Analysis And Lessons For The Future," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 15(1), pages 79-96.

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