By Garett Jones
Why do banks cave in? Are monetary platforms extra fragile in contemporary a long time? Can regulations to mend the banking approach do extra damage than sturdy? what is the background of banking crises? With dozens of short, non-technical articles by way of economists and different researchers, Banking Crises deals solutions from different scholarly viewpoints.
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Extra info for Banking Crises: Perspectives from the New Palgrave Dictionary of Economics
Note that the accounting identity (1) can be rewritten as 1 1 ðptþ1 þ dtþ1 Þ À 1þr ðptþ1 þ dtþ1 À Et ½ptþ1 þ dtþ1 Þ. Hence, in an instrumental pt ¼ 1þr variables regression of pt on ðptþ1 þ dtþ1 Þ – using for example dt as an instrument – one obtains an estimate for r that is independent of the existence of a rational bubble. Second, if, for example, the dividend process follows a stationary AR(1) process, dtþ1 ¼ ϕdt þ ηtþ1 , with independent noise ηt + 1, one can easily estimate ϕ. Furthermore, the expected discounted value of future dividends is vt ¼ ðϕ=ð1 þ r À ϕÞÞdt .
US law prohibited nationwide branching, and most states prohibited or limited within-state branching. US banks, in contrast to banks elsewhere, were numerous (for example, numbering more 20 banking crises than 29,000 in 1920), undiversified, insulated from competition, and unable to coordinate their response to panics (US banks established clearing houses, which facilitated local responses to panics beginning in the 1850s, as emphasized by Gorton, 1985). The structure of US banking explains why the United States uniquely had banking panics in which runs occurred despite the health of the vast majority of banks.
2007. Money Panic: Lessonsfrom the Financial Crisis of 1907. New York: Wiley. W. 1990. Is deposit insurance necessary? A historical perspective. Journal of Economic History 50, 283–95. W. 2000. S. Bank Deregulation in Historical Perspective. Cambridge: Cambridge University Press. W. and Gorton, G. 1991. The origins of banking panics: models, facts, and bank regulation. In Financial Markets and Financial Crises, ed. G. Hubbard. Chicago: University of Chicago Press. W. M. 1991. The role of demandable debt in structuring optimal banking arrangements.