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The Panic of 1857 as a Bank-Initiated Banking Panic

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marini-1857.pdf (94.14Kb)
Date
2005
Dewey
Economie financière
Sujet
banking panic; panic of 1857; credit crunch
JEL code
G34
Conference name
XXIIèmes Journées d’Economie Monétaire et Bancaire
Conference date
06-2005
Conference city
Strasbourg
Conference country
France
URI
https://basepub.dauphine.fr/handle/123456789/3366
Collections
  • LEDa : Publications
Metadata
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Author
Marini, François
Type
Communication / Conférence
Item number of pages
12
Abstract (EN)
We construct a model in which a banking panic is triggered by the banker, not the depositors. When a banker receives a pessimistic information on the return of the bank s assets, he liquidates them prematurely in order to protect his capital. In the face of this liquidation, all depositors withdraw their funds prematurely. Such a panic occured in 1857. This kind of banking panic occurs at sufficiently capitalized banks.

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