2010 | 11 | 1 | 1-23
Article title

An excursion through two hundred years of financial crises

Title variants
Languages of publication
This paper examines major U.S. financial crises from the beginning of the nineteenth century to the present. The financial crises of Poland are also discussed. Observing similarities and differences among various financial crises, including their causes and government responses, can shed light on the nature of financial crises. The current financial crisis is described and potential policies that may remedy the problem are discussed. Additionally, the paper briefly describes financial crises in Poland. The conclusion is that financial crises cannot be avoided.
Physical description
  • Blair,Tony (2010). A Journey. Hutchinson, Random House, London, UK.
  • Blinder and Zandi (2010). “How the Great Recession Was Brought to an End”. Accessed on October 11, 2010.
  • Boyd, John H., Gianni de Nicolò, and Elena Loukoianova (2009). “Banking Crises and Crisis Dating: Theory and Evidence.” IMF Working Papers, pp. 1-51, July 10.
  • Bloomberg. Accessed on October 11, 2010.
  • Braunstein, Yale (2009). “The Role of Information Failures in the Financial Meltdown"", School of Information, UC Berkeley, US.
  • Bruner, Robert F. and Sean D. Carr (2007). The Panic of 1907: Lessons Learned from the Market's Perfect Storm. John Wiley & Sons, Inc., Hoboken, New Jersey, US.
  • Bureau of Labor Statistics (BLS) (2010), Data Series: Employment, Hours, and Earnings from the Current Employment Statistics Survey (National).
  • Bordo, Michael D. (2003). “Historical Perspective on Booms, Busts and Recessions: When Bubbles Burst” IMF World Economic Outlook, pp. 64-66. Washington, DC, US.
  • Calomiris, Charles W. and Schweikart, Larry (1991). “The Panic of 1857 : Origins, Transmission, and Containment.” The Journal of Economic History, Vol. 51, No. 4, 807-834.
  • Caporale, Tony and Barbara McKiernan (1998) “The Fischer Black Hypothesis: Some Time-Series Evidence,” Southern Economic Journal, Vol. 64, No. 3 (January), pp. 765-771.
  • Cogan, John, Tobias Cwik, John B. Taylor, and Volker Wieland (2009). “New Keynesian versus Old Keynesian Government Spending Multipliers.” European Central Bank Working Paper Series, No. 1090, pp. 1-27.Frankfurt am Main, DE.
  • Demirgüç-Kunt, Asli and Detragiache, Enrica, (1997). “The Determinants of Banking Crises in Developing and Developed Countries.” IMF Staff papers 45, pp. 81-109. Washington, DC.
  • DeNavas-Walt Carmen, Bernadette D. Proctor and Jessica C. Smith (2010), “Income, Poverty, and Health Insurance Coverage in the United States: 2009 Current Population Reports, Consumer Income”, U.S. Department of Commerce Economics and Statistics Administration, U.S. Census Bureau.
  • Conant, Charles (1915). A History of Modern Banks of Issue: With an Account of the Economic Crises of the Nineteenth Century, and the Crisis of 1907, Fourth Edition. Revised and Enlarged. G.P. Putnam & Sons, New York City, NY, US.
  • Federal Reserve Bank of Minneapolis Quarterly Review Vol. 24, No. 2. 2000.
  • Furceri, Davide and Aleksandra Zdzienicka (2010). “The Real Effect of Financial Crises in the European Transition Economies,” Economics of Transition, August, pp. 1-25.
  • García-Herrero, Alicia and Pedro Del Rio-Lopez (2003). “Financial Stability and the Design of Monetary Policy,” Banco de España Working Paper, No. 0315. Madrid, ES.
  • Hoffmann, Charles (1970). The Depression of the Nineties: An Economic History. Greenwood Publishing, Westport, CT, U.S.
  • Holton, James (1990). The Reading Railroad: History of a Coal Age Empire, Vol. I: The Nineteenth Century, Garrigues House Publishing, Laury's Station, PA, US.
  • International Monetary Fund (IMF): World Economic Outlook (WEO), April 2009. Accessed on October 11, 2010.
  • Izzo, Phil (2010), “August Unemployment Rates by State: Stagnant Labor Market”, The Wall Street Journal. 21 September.
  • Kaminsky, Graciela L. and Carmen Reinhart (1999). “The Twin Crises: the Causes of Banking and Balance-of-Payments Problems.” The American EconomicReview, Volume 89, Issue 3 (June), pp. 473-500.
  • Klomp, Jeroen, 2010, “Causes of Banking Crises Revisited,” The North American Journal of Economics and Finance, Volume 21, Issue 1 (March), pp. 72-87.
  • Klein, Lawrence R. (1947). The Keynesian Revolution. Macmillan, New York, NY, US.
  • Krugman, Paul (2009). The Return of Depression Economics and the Crisis of 2008, with a New Epilogue. W. W. Norton & Company, New York, NY, US.
  • Labaton, Stephen (2008). “Agency's ’04 Rule Let Banks Pile Up New Debt”. The New York Times, 2 October.
  • Mason, David L. (2001). “From Building and Loans to Bail-Outs: A History of the American Savings and Loan Industry, 1831-1989”. Ph.D dissertation, Ohio State University, US.
  • McQueen, M.P. (2010). “Real Estate Investing : the Best and Worst Markets”, The Wall Street Journal. 21 August.
  • Oberholtzer, Ellis P. (1926). A History of the United States Since the Civil War. Macmillan, New York, NY, US.
  • Olsen, Henry (2010). “Unemployment: What Would Reagan Do?” The Wall Street Journal. 10 August.
  • Reinhart, Carmen M. and Kenneth S. Rogoff (2009). This Time is Different: Eight Centuries of Financial Folly. Princeton University Press, Princeton, NJ, US.
  • Reinhart, Carmen M. and Kenneth S. Rogoff (2009B). “The Aftermath of Financial Crises,” American Economic Review, Volume 99 (May), pp. 466-472.
  • Rolnick, Arthur J., Bruce D. Smith and Warren E. Weber (1998). “The Suffolk Bank and the Panic of 1837: How a Private Bank Acted as a Lender-of-Last-Resort.” Federal Reserve Bank of Minneapolis Research Department, US.
  • Rosenof, Theodore (1997). Economics in the Long Run: New Deal Theorists and Their Legacies, 1933-1993. University of North Carolina Press, Chapel Hill, NC, US.
  • Rothbard, Murray N. (1962). The Panic of 1819: Reactions and Policies. Columbia University Press, New York, NY, US.
  • Rousseau, Peter L. (2002). “Jacksonian Monetary Policy, Specie Flows, and the Panic of 1837”. The Journal of Economic History, Vol. 62, No. 2 (June), pp. 457-488.
  • Stiglitz, Joseph (2010) “Needed: A New Economic Paradigm,” Financial Times. 19 August.
  • Strunk, Norman and Fred Case (1988). Where Deregulation Went Wrong: A Look at the Causes Behind Savings and Loan Failures in the 1980s. United States League of Savings Institutions, Chicago, IL, US.
  • Shultz, George P., Michael J. Boskin, John F. Cogan, Allan Meltzer, and John B. Taylor (2010). “Principles for Economic Revival,” The Wall Street Journal. 16 September.
  • Tang, Helena, Edda Zoli and Irina Klytchnikova (2000). “Banking Crises in Transition Countries: Fiscal Costs and Related Issues”, World Bank Policy Research Working Paper Series, 30 November. Washington, DC, US.
  • Timberlake, Richard (1997). ""Panic of 1893"" in Business Cycles and Depressions: An Encyclopedia, ed. David Glasner. Garland, New York, NY, US.
  • “Timeline: A Selected Wall Street Chronology.” Public Broadcasting Service. Retrieved 30 September, 2008.
  • United States Census Bureau, Data Series: Houses for Sale by Region and Months' Supply at Current Sales Rate. Accessed on October 11, 2010.
  • United States Census Bureau, Data Series: Houses Sold by Region. Accessed on October 11, 2010.
  • United States Census Bureau, Data Series: Median and Average Sales Prices of New Homes Sold in United States. Accessed on October 11, 2010. Wheeler, Keith (1973). The Railroaders (Old West). Time Life Education, New York, NY, US.
Document Type
Publication order reference
YADDA identifier
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.