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Panic in the plains: agricultural markets and the panic of 1893

Author

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  • Brandon R. Dupont

    (Department of Economics, MS-9074, College of Business and Economics, Western Washington University, 516 High Street, Bellingham, WA 98225, USA.)

Abstract

Nearly every previous study of the 1893 bank panic acknowledges its regional concentration in the Western states yet few provide any in-depth study of what caused such a distinct regional pattern. Here, I recast the 1893 crisis as having its origins in agricultural markets and then spreading to Western banks that were highly exposed to agricultural shocks. Negative shocks to agricultural yields and the relative importance of the wheat crop for specific states emerge as important explanations for the regional pattern of bank closures and thus for the panic itself.

Suggested Citation

  • Brandon R. Dupont, 2009. "Panic in the plains: agricultural markets and the panic of 1893," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 3(1), pages 27-54, January.
    • Handle: RePEc:afc:cliome:v:3:y:2009:i:1:p:27-54
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    Citations

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    Cited by:

    1. Scott L. Fulford & Felipe Schwartzman, 2013. "The credibility of exchange rate pegs and bank distress in historical perspective: lessons from the national banking era," Working Paper 13-18, Federal Reserve Bank of Richmond.
    2. Ellis W. Tallman & Jon R. Moen, 2018. "The transmission of the financial crisis in 1907: an empirical investigation," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 12(2), pages 277-312, May.
    3. Jonathan Doh & Pawan Budhwar & Geoffrey Wood, 2021. "Long-term energy transitions and international business: Concepts, theory, methods, and a research agenda," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(5), pages 951-970, July.
    4. Andrew J Clarke & Jeffery A Jenkins & Kenneth S Lowande, 2017. "Tariff politics and congressional elections: exploring the Cannon Thesis," Journal of Theoretical Politics, , vol. 29(3), pages 382-414, July.
    5. Christopher Hoag, 2019. "Bank Executive Experience in a Financial Crisis," Working Papers 1902, Trinity College, Department of Economics.
    6. Christopher Hoag, 2019. "Liquidity and Borrowing from a Lender of Last Resort during the Crisis of 1884," Working Papers 1901, Trinity College, Department of Economics, revised Jul 2019.
    7. Christopher Hoag, 2019. "Bank Executive Experience with Clearinghouse Loan Certificates," Working Papers 1903, Trinity College, Department of Economics.
    8. Hoag, Christopher, 2018. "Clearinghouse loan certificates as a lender of last resort," The North American Journal of Economics and Finance, Elsevier, vol. 45(C), pages 215-229.
    9. Ramírez, Carlos D., 2009. "Bank fragility, "money under the mattress", and long-run growth: US evidence from the "perfect" Panic of 1893," Journal of Banking & Finance, Elsevier, vol. 33(12), pages 2185-2198, December.

    More about this item

    Keywords

    Bank panic; Agricultural markets; Panic of 1893;
    All these keywords.

    JEL classification:

    • N11 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: Pre-1913
    • N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913
    • N51 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - U.S.; Canada: Pre-1913

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