Real shock, monetary aftershock: The 1906 San Francisco earthquake and the panic of 1907

• 成果类型: Article
• 署名作者: Claremont Colleges; Scripps College; Claremont Colleges; Claremont Graduate University; Claremont McKenna College
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050704043062
• 发表日期: 2004
• 页码: 1002-1027
• 关键词: UNITED-STATES; clearinghouse; liquidity

摘要

In April 1906 the San Francisco earthquake and fire caused damage equal to more than I percent of GNP. Although the real effect of this shock was localized, it had an international financial impact: large amounts of gold flowed into the country in autumn 1906 as foreign insurers paid claims on their San Francisco policies out of home funds. This outflow prompted the Bank of England to discriminate against American finance bills and, along with other European central banks, to raise interest rates. These policies pushed the United States into recession and set the stage for the Panic of 1907.