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The Banking Panics of the Great Depression : Studies in Macroeconomic History - Elmus R. Wicker

The Banking Panics of the Great Depression

Studies in Macroeconomic History

Paperback

Published: 4th December 2000
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This is the first full-length study of five U.S. banking panics of the Great Depression. Professor Wicker reconstructs a close historical narrative of each of the disturbances, investigating their origins, magnitude and effects, and he reappraises the role of Federal Reserve officials in the panics. His findings challenge many of the commonly-held assumptions about the events of 1930 and 1931, and will be of wide interest to students of the Great Depression, monetary and financial historians, financial and macroeconomists.

'An important contribution to our understanding of the interactions between the banking system and the course of the Great Depression.' John H. Wood, Wake Forest University, H-Net Reviews 'This book substantially advances the literature on banks and money during the Great Depression.' David C. Wheelock, Federal Reserve Bank of St. Louis, Journal of Economic History ' ... he assembles a commendable representation of the major incidents that will be a springboard for a great deal of future research ... a valuable addition to scholarly work on the causes and consequences of Depression-era bank failures and panics'. Economica 'Wicker's meticulous, in many respects exemplary, account is essential reading for the financial history of the Great Depression.' The History Journal

List of figuresp. xi
List of tablesp. xii
Prefacep. xv
The banking situation in the United States, 1921-33p. 1
States of the economy: 1921-9 and 1930-3p. 3
The incidence of bank suspensionsp. 5
Financial condition of US banks: 1921-9 and 1930-3p. 8
Definitions, characteristics and theories of banking panicsp. 17
Banking panics of the Great Depression: an overviewp. 19
The banking crisis of 1930p. 24
The geographical incidence of the banking crisis of 1930p. 25
The microhistory of the banking crisisp. 32
Interest rates and the banking crisis of 1930p. 38
Expenditure effects of the banking crisisp. 42
The banking crisis as a cause of the Great Depressionp. 46
The role of the Federal Reserve in the banking crisisp. 52
What should the Fed have done?p. 57
Summary and conclusionsp. 58
The two banking crises of 1931p. 62
The region specific second banking crisis: April-August 1931p. 66
The third banking crisis: September-October 1931 - two crises contrastedp. 72
Mini panics in Philadelphia, Pittsburgh, and Chicagop. 78
The gold crisis: Britain's departure from the gold standard and the Fed's responsep. 86
Was there something special about the 1931 banking crisis?p. 97
Role of the 1931 crises in contributing to the Great Depressionp. 99
Summary and conclusionsp. 102
The banking panic of 1933p. 108
The long pause between financial storms: 1932p. 110
The gathering stormp. 116
The external drainp. 129
Money and capital markets during the panicp. 132
The Fed's response to the gathering stormp. 134
Expenditure effects of the 1933 panicp. 138
Did the 1933 panic resemble pre-1914 panics?p. 141
The resolution of the banking panicp. 145
Summary and conclusionsp. 148
Banking crises of the Great Depression: a reassessmentp. 151
The geographical incidence of the banking crisesp. 152
Did the banking crises of the Great Depression differ from pre-1914 panics?p. 154
Did bank failures cause the Great Depression?p. 159
The role of gold during banking panicsp. 161
Causes of bank suspensions: random withdrawals or asset shocks?p. 162
Referencesp. 166
Indexp. 171
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780521663465
ISBN-10: 0521663466
Series: Studies in Macroeconomic History
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 192
Published: 4th December 2000
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.8 x 15.2  x 1.0
Weight (kg): 0.27