What are the issues? -- Investment banking : conflicts of interest in underwriting and research -- Accounting : conflicts of interest in auditing and consulting -- Conflicts of interest in universal banking -- Overview and conclusions -- Discussion and roundtable

Using records of individual depositors’ accounts, this article provides a detailed microeconomic analysis of two banking panics. The panics of 1854 and 1857 were not characterized by an immediate mass panic of depositors and had important time dimensions. We examine depositor behavior using a...