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Fighting Financial Crises - Learning from the Past (Hardcover)
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Fighting Financial Crises - Learning from the Past (Hardcover)
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If you’ve got some money in the bank, chances are you’ve never
seriously worried about not being able to withdraw it. But there
was a time in the United States, an era that ended just over a
hundred years ago, in which bank customers had to pay close
attention to whether the banking system would remain solvent,
knowing they might have to rush to retrieve their savings before
the bank collapsed. During the National Banking Era (1863–1914),
before the establishment of the Federal Reserve, widespread banking
panics were indeed rather common. Yet these pre-Fed banking panics,
as Gary B. Gorton and Ellis W. Tallman show, bear striking
similarities to our recent financial crisis. In both cases,
something happened to make depositors—whether individual
customers or corporate investors—“act differently” and find
reason to question the value of their bank debt. Fighting Financial
Crises thus turns to the past for a fuller understanding of our
uncertain present, investigating how panics during the National
Banking Era played out and how they were eventually quelled and
prevented. Gorton and Tallman open with a survey of the period’s
“information environment,” tracing the development of national
bank notes, checks, and clearing houses to show how the key to
keeping order was to disseminate information very carefully.
Identifying the most effective responses based on the framework of
the National Banking Era, they then consider the Fed’s and the
SEC’s reactions to the recent crisis, building an informative new
perspective on how the modern economy works.
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