Chapter

Ten Further Financial Crises

E. Philip Davis

in Debt, Financial Fragility, and Systemic Risk

Published in print October 1995 | ISBN: 9780198233312
Published online November 2003 | e-ISBN: 9780191596124 | DOI: http://dx.doi.org/10.1093/0198233310.003.0009
Ten Further Financial Crises

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Given the focus of the analyses in Chs. 6 and 7 on six major periods of instability since 1970, it is useful to outline the events of other selected periods of crisis. We look for example at the Overend Gurney from 1866 in the UK, the US Great Depression, Continental Illinois in the US, Penn Central in the US, and the Norwegian banking crisis. Such an approach serves several purposes; first, it indicates the generality or otherwise of the mechanisms outlined in a wider range of financial markets (common features of the events are summarized in Table 8.1); second, it may offer additional insights into the links between financial fragility and systemic risk; third, by offering a wider sample, it facilitates a broader analysis of the different types of crisis. Given the degree to which some of these events have been studied, the accounts are inevitably partial; further details can be obtained from the references.

Keywords: Continental Illinois; financial fragility; Great Depression; Norway; Norwegian banking crisis; Overend Gurney; Penn Central; systemic risk; UK; USA

Chapter.  7853 words. 

Subjects: Financial Markets

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