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Financial contagion and market intervention in the 1772-3 credit crisis

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Abstract

The 1772-3 credit crisis impressed its contemporaries for its suddenness, geographical range, and for arising during a time of relative peace and robust economic growth. It also arguably displayed an early instance of a Lender of Last Resort (LLR) in action, some thirty years before the classical articulation of the concept. This paper investigates whether financial contagion was at work in 1772-3, and describes its possible routes of transmission. It furthermore identifies the agents of market intervention, and discusses whether theirs was a conscious policy to limit systemic risk, or ad hoc improvisation in response to other considerations.

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  • Paul Kosmetatos, 2014. "Financial contagion and market intervention in the 1772-3 credit crisis," Working Papers 21, Department of Economic and Social History at the University of Cambridge.
    • Handle: RePEc:cmh:wpaper:21
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    File URL: http://www.econsoc.hist.cam.ac.uk/docs/CWPESHnumber21October2014.pdf
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    Cited by:

    1. Nissaf Ben Ayed & Gérard Mondello, 2015. "The Adam Smith's Banking System: The sources of the analysis of modern banking governance," Post-Print hal-01251667, HAL.
    2. Donaldson, Jason & Piacentino, Giorgia, 2019. "Money Runs," CEPR Discussion Papers 13955, C.E.P.R. Discussion Papers.
    3. Donaldson, Jason Roderick & Piacentino, Giorgia, 2022. "Money runs," Journal of Monetary Economics, Elsevier, vol. 126(C), pages 35-57.

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    Keywords

    Monetary economics; Financial markets and institutions; Financial crises;
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