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American Investment Banking in the Context of Great Economic Crises

Author

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  • Hempel Dominika

    (PhD candidate at the University of Gdańsk, Gdańsk, Poland)

Abstract

The bankruptcy of Lehman Brothers had a strong impact on the whole financial system and started the worst recession since the Great Depression. However, it was not the first crisis in the history of the USA. The purpose of this article is to present the history of investment banking during the main crises in the US history and their impact on the American economy. The article presents the following: a definition of investment banking, theoretical aspects of crises, changes in banking system regulations, and the history of the most important American investment banks, including the infamous Lehman Brothers.

Suggested Citation

  • Hempel Dominika, 2017. "American Investment Banking in the Context of Great Economic Crises," Studia Historiae Oeconomicae, Sciendo, vol. 35(1), pages 47-60, December.
    • Handle: RePEc:vrs:sthioe:v:35:y:2017:i:1:p:47-60:n:4
    DOI: 10.1515/sho-2017-0004
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    References listed on IDEAS

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    1. Rosa M. Lastra & Geoffrey Wood, 2010. "The Crisis of 2007--09: Nature, Causes, and Reactions," Journal of International Economic Law, Oxford University Press, vol. 13(3), pages 531-550, September.
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    3. Mishkin, Frederic S, 1992. "Anatomy of a Financial Crisis," Journal of Evolutionary Economics, Springer, vol. 2(2), pages 115-130, August.
    4. Alan D. Morrison & William J. Wilhelm, 2008. "The Demise of Investment Banking Partnerships: Theory and Evidence," Journal of Finance, American Finance Association, vol. 63(1), pages 311-350, February.
    5. Kroszner, Randall S & Rajan, Raghuram G, 1994. "Is the Glass-Steagall Act Justified? A Study of the U.S. Experience with Universal Banking before 1933," American Economic Review, American Economic Association, vol. 84(4), pages 810-832, September.
    6. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
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