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We use the German Crisis of 1931, a key event of the Great Depression, to study how depositors behave during a bank run in the absence of deposit insurance. We find that deposits decline by around 20 percent during the run and that there is an equal outflow of retail and nonfinancial wholesale...
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Portugal's current financial crisis might be related to a banking crisis resulting from joining the Euro. The new … if all of these risks had disappeared. They began pumping money in Portugal, by borrowing intensively in Euros abroad at … and sovereign debt dramatically increased, which further soared when the Government rescued banks. Portugal was then …
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This essay discusses trends in new banking history scholarship. It does so by conducting bibliometric content analysis of the entire literature involving the history of banks, bankers and banking published in all major academic journals since the year 2000. It places this recent scholarship in...
Persistent link: https://www.econbiz.de/10011298897
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The very phrase "League of Nations" is a metaphor for international organizational failure. In the wake of the war it was designated to prevent, the League became the example to be avoided in building new multilateral institutions. Perhaps it is not surprising, then, that our textbooks on...
Persistent link: https://www.econbiz.de/10013098155
In this article, I review the role of the IMF in the global crisis and argue that the Fund has emerged as a powerful institutional force, providing analysis and recommendations that have served as the basis of official action on several fronts. By contrast, the Fund was barking up the wrong tree...
Persistent link: https://www.econbiz.de/10013083110
The Foreign and Colonial Investment Trust is the oldest surviving closed end fund, having been established in 1868. Its early success and emulation were related to its identification of a missing market - the provision of a wholesale diversified vehicle for the investing public. This paper is a...
Persistent link: https://www.econbiz.de/10013091332
I use the global crisis of 1914 as a window onto the phenomenon of investor reaction to complex news — such as sudden political upheaval. Based on a novel database of all stocks traded on the NYSE during 1914, along with “real-time” news accounts from major newspapers, I show that NYSE...
Persistent link: https://www.econbiz.de/10012978570