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The First Global Credit Crisis

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Abstract

June 2022 marks the 250th anniversary of the outbreak of the 1772-3 credit crisis. Although not widely known today, this was arguably the first “modern” global financial crisis in terms of the role that private-sector credit and financial products played in it, in the paths of financial contagion that propagated the initial shock, and in the way authorities intervened to stabilize markets. In this post, we describe these developments and note the parallels with modern financial crises.

Suggested Citation

  • Stein Berre & Paul Kosmetatos & Asani Sarkar, 2022. "The First Global Credit Crisis," Liberty Street Economics 202200627, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:94395
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    File URL: https://libertystreeteconomics.newyorkfed.org/2022/06/the-first-global-credit-crisis/
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    More about this item

    Keywords

    credit crisis; economic history; global credit;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises

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