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International Contagion 1618–1933

In: Manias, Panics, and Crashes

Author

Listed:
  • Robert Z. Aliber

    (University of Chicago)

  • Charles P. Kindleberger

    (Massachusetts Institute of Technology)

  • Robert N. McCauley

    (Boston University
    University of Oxford)

Abstract

Financial crises tend to be international, either running parallel from country to country or spreading by one means or another from the centers where they originate to other countries. Boom, distress, and panic are transmitted through a variety of channels. Arbitrage keeps prices of commodities and securities in line, but so can marking up or down prices in one market when they change in another, without any actual buying and selling. Movements of money can take various forms: specie, bank deposits, and bills of exchange. Cooperation among central banks can play a role. Investor psychology is easy to neglect, especially in the linkage of securities that are not traded internationally and therefore are not subject to arbitrage.

Suggested Citation

  • Robert Z. Aliber & Charles P. Kindleberger & Robert N. McCauley, 2023. "International Contagion 1618–1933," Springer Books, in: Manias, Panics, and Crashes, edition 8, chapter 0, pages 187-210, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-16008-0_8
    DOI: 10.1007/978-3-031-16008-0_8
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