Crises and Opportunities: The Shaping of Modern Finance by Youssef Cassis

By Youssef Cassis

Studying the diversities and commonalities of 8 international monetary crises because the past due nineteenth century (including the good melancholy of the Thirties and the monetary debacle of the early twenty first century) this e-book offers insights into how the monetary panorama has - or has no longer - been reshaped after a systemic surprise.

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Extra info for Crises and Opportunities: The Shaping of Modern Finance

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It was also a banking crisis in the proper sense of the word: there were runs on several banks, some of which had to close their doors. However, the two crises differed in two main aspects, which are particularly relevant in connection with the Financial Debacle of 2007–8. First, in 1907, the banks whose failure threatened to sweep away the financial system were new, unregulated institutions rather than pillars of the banking establishment, as had been the case in 1890. Second, the Panic of 1907 had to be overcome without the intervention of a central bank— which did not exist in the United States.

20 As to Argentina, it suffered a severe depression, with real GDP falling by 11 per cent between 1890 and 1891. THE AMERICAN PANIC OF 1907 The American Panic of 1907 was the first financial crisis to shake one of the world’s main financial centres, in this case Wall Street, since the Baring Crisis seventeen years earlier. It was a very serious financial crisis—so serious that it led to the creation of the Federal Reserve System a few years later—and was followed by a deep recession. The crisis also had a global dimension, because of the interaction between international financial centres, and because of the new role of the United States in world finance.

9 It was supplied mainly by American multinationals and European central banks, either directly or through the Bank for International Settlements. It provided credit on a worldwide scale in hitherto unprecedented proportions. This credit mainly provided inter-bank deposits; it also financed international trade and other short-term loans—all transactions involving extremely large sums. The ‘Golden Age’ ended with the first oil shock of 1973—the decision taken in October by the OPEC countries to double the price of oil and then to double it again two months later.

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