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British Financial Crises Since 1825
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Book Synopsis British Financial Crises Since 1825 by : Nicholas H. Dimsdale
Download or read book British Financial Crises Since 1825 written by Nicholas H. Dimsdale and published by Oxford University Press, USA. This book was released on 2014 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: A history of British financial crises since the Napoleonic wars, providing an account of the main crises from 1825 until the credit crunch of 2007-8. The book examines role of the Bank of England as lender of last resort and the successes and failures of crisis management. The scope for reducing the risk of future systemic crises is assessed. The book will be of interest to students, market practitioners, policymakers, and general readers interested in the debate over banking reform.
Book Synopsis Calming the Storms by : Charles Read
Download or read book Calming the Storms written by Charles Read and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book exposes, for the first time in modern scholarship, the role that the rise of the Carry Trade played in British financial crises between 1825 and 1866, how in reaction the Bank of England improved its management of monetary policy after 1866 and how those lessons have been forgotten since the 1970s. Britain is one of the few major capitalist economies in the world to have avoided policy-induced systemic financial crises for more than 100 years of its history-between 1866 and 1973. Beforehand, it suffered a series of serious banking panics, in 1825, 1837, 1847, 1857-58 and 1866. Since the 1970s banking instability has returned again, with the global financial crisis of 2007-09 hitting Britain hard. Economists and policymakers have asked what can be learnt from Britain's experience of the disappearance and reappearance of crises to help efforts to prevent future ones. This book answers that question with a major reassessment of Britain's financial history over the past two centuries. It does so by applying the long-neglected ideas of the British Banking School to explain how crises can occur because of the Carry Trade. This book is essential reading for economists and historians of modern Britain, practitioners and policymakers, as well as anyone who is affected by financial crises and their consequences. Charles Read is a British Academy Postdoctoral Fellow in History and an Affiliated Lecturer in Economics and History at the University of Cambridge. He is also a Fellow, Tutor, College Lecturer and Director of Studies at Corpus Christi College and a Research Associate at the Centre for Financial History at Darwin College. His previous research has won the Thirsk-Feinstein PhD Dissertation Prize, the T.S. Ashton Prize, and the New Researcher Prize of the Economic History Society and a prize from the International Economic History Association for the best doctoral dissertation completed in 2015, 2016 or 2017. He has also worked as a writer and editor at The Economist and as a research associate at an investment bank in London.
Book Synopsis Banking in Crisis by : John D. Turner
Download or read book Banking in Crisis written by John D. Turner and published by Cambridge University Press. This book was released on 2014-07-10 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: A full account of the rise and fall of British banking stability which sheds new light on why banking systems crash.
Book Synopsis British Financial Crises since 1825 by : Nicholas Dimsdale
Download or read book British Financial Crises since 1825 written by Nicholas Dimsdale and published by OUP Oxford. This book was released on 2014-10-09 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a history of British financial crises since the Napoleonic wars. Interest in crises lapsed during the generally benign financial conditions which followed the Second Word War, but the study of banking markets and financial crises has returned to centre stage following the credit crunch of 2007-8 and the subsequent Eurozone crisis. The first two chapters provide an overview of British financial crises from the bank failures of 1825 to the credit crunch of 2007-8. The causes and consequences of individual crises are explained and recurrent features are identified. Subsequent chapters provide more detailed accounts of the railway boom-and-bust and the subsequent financial crisis of 1847, the crisis following the collapse of Overend Gurney in 1866, the dislocation of London's money market at the outset of the Great War in 1914 and the crisis in 1931 when sterling left the gold standard. Other chapters consider the role of regulation, banks' capital structures, and the separation of different types of banking activity. The book examines the role of the Bank of England as lender of last resort and the successes and failures of crisis management. The scope for reducing the risk of future systemic crises is assessed. The book will be of interest to students, market practitioners, policymakers and general readers interested in the debate over banking reform.
Book Synopsis This Time Is Different by : Carmen M. Reinhart
Download or read book This Time Is Different written by Carmen M. Reinhart and published by Princeton University Press. This book was released on 2011-08-07 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: An empirical investigation of financial crises during the last 800 years.
Book Synopsis Till Time's Last Sand by : David Kynaston
Download or read book Till Time's Last Sand written by David Kynaston and published by Bloomsbury Publishing. This book was released on 2017-09-07 with total page 897 pages. Available in PDF, EPUB and Kindle. Book excerpt: ____________________ The authorised history of the Bank of England by the bestselling David Kynaston, 'the most entertaining historian alive' (Spectator). 'Kynaston's aim is to provide a history of the Bank for the general reader and in this he triumphantly succeeds, providing a worthy complement to the notable series of books on different periods of the Bank's history ... wonderfully readable' Financial Times 'Not an ordinary bank, but a great engine of state,' Adam Smith declared of the Bank of England as long ago as 1776. The Bank is now over 320 years old, and throughout almost all that time it has been central to British history. Yet to most people, despite its increasingly high profile, its history is largely unknown. Till Time's Last Sand by David Kynaston is the first authoritative and accessible single-volume history of the Bank of England, opening with the Bank's founding in 1694 in the midst of the English financial revolution and closing in 2013 with Mark Carney succeeding Mervyn King as Governor. This is a history that fully addresses the important debates over the years about the Bank's purpose and modes of operation and that covers such aspects as monetary and exchange-rate policies and relations with government, the City and other central banks. Yet this is also a narrative that does full justice to the leading episodes and characters of the Bank, while taking care to evoke a real sense of the place itself, with its often distinctively domestic side. Deploying an array of piquant and revealing material from the Bank's rich archives, Till Time's Last Sand is a multi-layered and insightful portrait of one of our most important national institutions, from one of our leading historians. ____________________ 'The Old Lady of Threadneedle Street has been waiting for a biographer who could do justice to the richness of her story ... This is the work of a scholar with a gift for illuminating every square inch of each enormous canvas he chooses to paint ... Kynaston brings characters large and small to life' Literary Review 'full of human detail ... an exemplary narrative history, with the archives plundered judiciously and plenty of focus on people and their quirks ... rendered on an entertainingly human scale' The Times 'A triumph ... this portrait of the Bank of England really is fascinating, at times even gripping' Sunday Telegraph
Book Synopsis The Wealth Effect by : Jeffrey M. Chwieroth
Download or read book The Wealth Effect written by Jeffrey M. Chwieroth and published by Cambridge University Press. This book was released on 2019-03-21 with total page 597 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shows how the politics of banking crises has been transformed by the growing 'great expectations' among middle class voters that governments should protect their wealth.
Book Synopsis The Media and Financial Crises by : Steve Schifferes
Download or read book The Media and Financial Crises written by Steve Schifferes and published by Routledge. This book was released on 2014-08-27 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Media and Financial Crises provides unique insights into the debate on the role of the media in the global financial crisis. Coverage is inter-disciplinary, with contributions from media studies, political economy and journalists themselves. It features a wide range of countries, including the USA, UK, Ireland, Greece, Spain and Australia, and a completely new history of financial crises in the British press over 150 years. Editors Steve Schifferes and Richard Roberts have assembled an expert set of contributors, including Joseph E Stiglitz and Lionel Barber, editor of the Financial Times. The role of the media has been central in shaping our response to the financial crisis. Examining its performance in comparative and historical perspectives is crucial to ensuring that the media does a better job next time. The book has five distinct parts: The Banking Crisis and the Media The Euro-Crisis and the Media Challenges for the Media The Lessons of History Media Messengers Under Interrogation The Media and Financial Crises offers broad and coherent coverage, making it ideal for both students and scholars of financial journalism, journalism studies, media studies, and media and economic history.
Book Synopsis A Brief History of Panics and Their Periodical Occurrence in the United States by : Clément Juglar
Download or read book A Brief History of Panics and Their Periodical Occurrence in the United States written by Clément Juglar and published by . This book was released on 1893 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Regulatory Cycles: Revisiting the Political Economy of Financial Crises by : Jihad Dagher
Download or read book Regulatory Cycles: Revisiting the Political Economy of Financial Crises written by Jihad Dagher and published by International Monetary Fund. This book was released on 2018-01-15 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.
Book Synopsis The 1772–73 British Credit Crisis by : Paul Kosmetatos
Download or read book The 1772–73 British Credit Crisis written by Paul Kosmetatos and published by Springer. This book was released on 2018-03-21 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nowadays remembered mostly through Adam Smith’s references to the short-lived Ayr Bank in the Wealth of Nations, the 1772-3 financial crisis was an important historical episode in its own right, taking place during a pivotal period in the development of financial capitalism and coinciding with the start of the traditional industrialisation narrative. It was also one of the earliest purely financial crises occurring in peacetime, and its progress showed an impressive geographical reach, involving England, Scotland, the Netherlands and the North American colonies. This book uses a variety of previously unpublished archival sources to question the bubble narrative usually associated with this crisis, and to identify the mechanisms of financial contagion that allowed the failure of a small private bank in London to cause rapid and severe distress throughout the 18th century financial system. It re-examines the short and turbulent career of the Ayr Bank, and concludes that its failure was the result of cavalier liability management akin to that of Northern Rock in 2007, rather than the poor asset quality alleged in existing literature. It furthermore argues that the Bank of England’s prompt efforts to contain the crisis are evidence of a Lender of Last Resort in action, some thirty years before the classical formulation of the concept by Henry Thornton.
Download or read book Boom and Bust written by William Quinn and published by Cambridge University Press. This book was released on 2020-08-06 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.
Book Synopsis The Great Famine in Ireland and Britain's Financial Crisis by : Charles Read
Download or read book The Great Famine in Ireland and Britain's Financial Crisis written by Charles Read and published by Boydell & Brewer. This book was released on 2022-10-25 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Irish famine of the 1840s is the biggest humanitarian crisis in the United Kingdom's history. Within six years of the arrival of the potato blight in Ireland in 1845, more than a quarter of its residents had unexpectedly died or emigrated. Its population has not yet fully recovered since. Historians have struggled to explain why the British government decided to shut down its centrally organised relief efforts in 1847, long before the famine ended. Some have blamed the laissez-faire attitudes of the time for an inadequate response by the British government; others have alleged purposeful neglect and genocide. In contrast, this book uncovers a hidden narrative of the crisis, which links policy failure in Ireland to financial and political instability in Great Britain. More important than a laissez-faire ideology in hindering relief efforts for Ireland were the British government's lack of a Parliamentary majority from 1846, the financial crises of 1847, and a battle of ideas over monetary policy between proponents and opponents of financial orthodoxy. The high death toll in Ireland resulted from the British government's plans for intervention going awry, rather than being prematurely cancelled because of laissez-faire. This book is essential reading for scholars, students and anyone interested in Anglo-Irish relations, the history of financial crises, and why humanitarian-relief efforts can go wrong even with good intentions.
Book Synopsis An Enquiry Into the Nature and Effects of the Paper Credit of Great Britain by : Henry Thornton
Download or read book An Enquiry Into the Nature and Effects of the Paper Credit of Great Britain written by Henry Thornton and published by . This book was released on 1802 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis 200 Years of American Financial Panics by : Thomas P. Vartanian
Download or read book 200 Years of American Financial Panics written by Thomas P. Vartanian and published by Rowman & Littlefield. This book was released on 2021-05-15 with total page 462 pages. Available in PDF, EPUB and Kindle. Book excerpt: From 1819 to COVID-19, 200 Years of American Financial Panics offers a comprehensive historical account of financial panics in America. Through a meticulous dissection of historical events and the benefit of his experience handling many of the country’s largest bank failures, Thomas P. Vartanian reveals why so many more devastating financial crises have occurred in America than nearly every other country in the world. Vartanian provides extensive evidence of how the collision of policy-driven government actions and profit-oriented business performance have disrupted market equilibrium and made the U.S. system of financial oversight less effective and more susceptible to missing the signs of future financial crises, including policies that: imposed tariffs and chartered dozens of poorly regulated, uncapitalized state banks that facilitated panics in the 19th century; created ambivalence over whether gold, silver or paper money should be the preeminent form of payment, creating the perfect conditions for the depression of 1893; kept interest rates low to assist the central banks in England, Germany and France, allowing an overheated U.S. stock market to shift into overdrive and crash in 1929; planted the seeds of the S&L crisis more than twenty years before when Congress imposed artificial limits on deposit interest rates and the states capped mortgage interest rates to increase homeownership; pressured banks in the 1990’s to increase mortgage lending to increase home ownership while the Fed engaged in loose monetary policies, adding fuel to the greatest economic crisis since the Great Depression. 200 Years of American Financial Panics dissects financial crises in a way not attempted before, concluding that the pyramid of governmental oversight intended to foster economic safety and stability has been turned on its head to its detriment. Vartanian provides readers with a unique list of practical solutions. Most importantly, his analysis of financial technology, from artificial intelligence and Big Data to cryptocurrencies and quantum computing, forecasts how financial markets and government regulation will change. 200 Years of American Financial Panics is a must read for anyone that wants to understand their money, financial markets, and how they are going to change in the future.
Book Synopsis Dividends of Development by : Mary A. O'Sullivan
Download or read book Dividends of Development written by Mary A. O'Sullivan and published by Oxford University Press. This book was released on 2016 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The unprecedented importance of finance in our societies, as well as its central role in provoking economic crises, has generated an enormous interest in understanding the historical origins and evolution of modern financial systems. Today the U.S. economy is seen as an archetype of a capitalist system in which securities markets play a central role. Moreover, these markets have had a high profile in some of the most dramatic moments in U.S. history, often in the context of crises. Dividends of Development: Securities Markets in the History of U.S. Capitalism, 1865-1922, explains how U.S. securities markets became central to the institutional fabric of U.S. capitalism. After the Civil War, these markets had a narrowly circumscribed relationship to the country's real economy, being largely dominated by railroad securities. Moreover, their role in the U.S. financial system was of limited significance given the relatively modest resources that financial institutions committed to investment in, and lending on, corporate securities. That situation was to undergo fundamental change from the Civil War through the end of World War 1 but the development of U.S. securities markets did not occur as a result of a smooth, or even, linear process. Instead, the book shows that the transformation of U.S. securities markets occurred through a process that was volatile and time-consuming, unscripted by powerful actors, and driven, above all else, by the dramatic but unstable character of the nation's economic development. These claims about the trajectory, the operation, and the underlying dynamics of the development of U.S. securities markets are brought together in a novel synthesis that portrays the historical evolution of securities markets in the United States as the "dividends" of the country's distinctive trajectory of economic development.
Book Synopsis Banking Panics of the Gilded Age by : Elmus Wicker
Download or read book Banking Panics of the Gilded Age written by Elmus Wicker and published by Cambridge University Press. This book was released on 2006-03-30 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first major study of post-Civil War banking panics in almost a century. The author has constructed for the first time estimates of bank closures and their incidence in each of the five separate banking disturbances. The author also reevaluates the role of the New York Clearing House in forestalling several panics and explains why it failed to do so in 1893 and 1907, concluding that structural defects of the National Banking Act were not the primary cause of the panics.
