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The Cape of Perfect Storms: Colonial Africa’s first financial crash, 1788-1793

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Listed:
  • Johan Fourie
  • Roy Havemann

Abstract

This paper investigates the causes and consequences of colonial Africa’s first financial crash, which happened in South Africa’s Dutch Cape Colony. The 1788–1793 crisis followed a common sequence of events: trade and fiscal deficits were monetized by printing money, credit extension accelerated, the exchange rate fell sharply and inflation spiked. The domestic conditions were compounded […]

Suggested Citation

  • Johan Fourie & Roy Havemann, 2015. "The Cape of Perfect Storms: Colonial Africa’s first financial crash, 1788-1793," Working Papers 511, Economic Research Southern Africa.
    • Handle: RePEc:rza:wpaper:511
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    File URL: https://econrsa.org/wp-content/uploads/2022/06/working_paper_511.pdf
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. South Africa’s first financial crisis
      by Johan Fourie in Johan Fourie's Blog on 2015-06-02 00:33:56

    More about this item

    Keywords

    Africa; Banking Regulation; Colonial history; Economic crisis; Economic History; institutions;
    All these keywords.

    JEL classification:

    • N17 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Africa; Oceania
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • N27 - Economic History - - Financial Markets and Institutions - - - Africa; Oceania

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