SOURCES OF PANICS - EVIDENCE FROM THE WEEKLY DATA
成果类型：
Article
署名作者：
DONALDSON, RG
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/0304-3932(92)90063-8
发表日期：
1992
页码：
277-305
关键词：
摘要：
We use weekly data (1867-1933) to investigate the sources of banking and financial panics. We find that, while a panic's exact starting date is unpredictable, one can identify environments conducive to panics; a lack of liquidity in financial markets seems to be a key source. Results also reveal the effectiveness of the Aldrich-Vreeland Act in elastizing the money supply and shortening the panic of 1914 and suggest that the panic of 1933 may have been caused by a speculative attack on the gold-backed US dollar via the banks, as opposed to a run on the banks directly.
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