Financial crisis - Knowledge

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potential of the Internet), then still more others may follow their example, driving the price even higher as they rush to buy in hopes of similar profits. If such "herd behaviour" causes prices to spiral up far above the true value of the assets, a crash may become inevitable. If for any reason the price briefly falls, so that investors realize that further gains are not assured, then the spiral may go into reverse, with price decreases causing a rush of sales, reinforcing the decrease in prices.

2195: 1232: 2632: 1509:, which means borrowing to finance investments, is frequently cited as a contributor to financial crises. When a financial institution (or an individual) only invests its own money, it can, in the very worst case, lose its own money. But when it borrows in order to invest more, it can potentially earn more from its investment, but it can also lose more than all it has. Therefore, leverage magnifies the potential returns from investment, but also creates a risk of 2966: 2879: 2827: 2750: 2933: 2775: 2892: 2952: 812: 2866: 2731: 2814: 2801: 2690: 2840: 2920: 2853: 2711: 824: 2788: 2667: 1550:, a situation in which the risks associated with an institution's debts and assets are not appropriately aligned. For example, commercial banks offer deposit accounts that can be withdrawn at any time, and they use the proceeds to make long-term loans to businesses and homeowners. The mismatch between the banks' short-term liabilities (its deposits) and its long-term assets (its loans) is seen as one of the reasons 2587: 1146:

exchange reserves exceeds its mean by more than three standard deviations. Frankel and Rose (1996) define a currency crisis as a nominal depreciation of a currency of at least 25% but it is also defined as at least a 10% increase in the rate of depreciation. In general, a currency crisis can be defined as a situation when the participants in an exchange market come to recognize that a

2252: 1794:. However, economists often debate whether observing crises in many countries around the same time is truly caused by contagion from one market to another, or whether it is instead caused by similar underlying problems that would have affected each country individually even in the absence of international linkages. 1928:

than investors/business owners. Given the extraordinary capital expenditure required to enter modern economic sectors like airline transport, the military industry, or chemical production, these sectors are extremely difficult for new businesses to enter and are being concentrated in fewer and fewer hands.

2342:(France) – earliest of modern financial crises; in both cases the company assumed the national debt of the country (80–85% in Great Britain, 100% in France), and thereupon the bubble burst. The resulting crisis of confidence probably had a deep impact on the financial and political development of France. 3780:

and bankruptcy : hearing before the Subcommittee on Commercial and Administrative Law of the Committee on the Judiciary, House of Representatives, One Hundred Tenth Congress, first session, 17 July 2007. Washington : U.S. G.P.O. : For sale by the Supt. of Docs., U.S. G.P.O., 2008. 277

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A variety of models have been developed in which asset values may spiral excessively up or down as investors learn from each other. In these models, asset purchases by a few agents encourage others to buy too, not because the true value of the asset increases when many buy (which is called "strategic

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all the time. Firms, however, believe that profits will rise and the loans will eventually be repaid without much trouble. More loans lead to more investment, and the economy grows further. Then lenders also start believing that they will get back all the money they lend. Therefore, they are ready to

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first goes towards covering the initial investment in the business. In the long-run, however, when one considers the combined economic activity of all successfully-operating business, it is clear that less money (in the form of wages) is being returned to the mass of the population (the workers) than

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in which investors shun some institution or asset because they expect others to do so. Reflexivity poses a challenge to the epistemic norms typically assumed within financial economics and all of empirical finance. The possibility of financial crises being beyond the predictive reach of causality is

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In "adaptive learning" or "adaptive expectations" models, investors are assumed to be imperfectly rational, basing their reasoning only on recent experience. In such models, if the price of a given asset rises for some period of time, investors may begin to believe that its price always rises, which

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The nineteenth century Banking School theory of crises suggested that crises were caused by flows of investment capital between areas with different rates of interest. Capital could be borrowed in areas with low interest rates and invested in areas of high interest. Using this method a small profit

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and the bursting of other real estate bubbles around the world also led to recession in the U.S. and a number of other countries in late 2008 and 2009. Some economists argue that financial crises are caused by recessions instead of the other way around, and that even where a financial crisis is the

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In "herding" models, it is assumed that investors are fully rational, but only have partial information about the economy. In these models, when a few investors buy some type of asset, this reveals that they have some positive information about that asset, which increases the rational incentive of

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The viability of this theory depends upon two main factors: firstly, the degree to which profit is taxed by government and returned to the mass of people in the form of welfare, family benefits and health and education spending; and secondly, the proportion of the population who are workers rather

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Many economists have offered theories about how financial crises develop and how they could be prevented. There is little consensus and financial crises continue to occur from time to time. It is apparent however that a consistent feature of both economic (and other applied finance disciplines) is

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Lenders know that such firms will have problems repaying. Still, they believe these firms will refinance from elsewhere as their expected profits rise. This is Ponzi financing. In this way, the economy has taken on much risky credit. Now it is only a question of time before some big firm actually

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A speculative bubble (also called a financial bubble or an economic bubble) exists in the event of large, sustained overpricing of some class of assets. One factor that frequently contributes to a bubble is the presence of buyers who purchase an asset based solely on the expectation that they can

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A currency crisis, also called a devaluation crisis, is normally considered as part of a financial crisis. Kaminsky et al. (1998), for instance, define currency crises as occurring when a weighted average of monthly percentage depreciations in the exchange rate and monthly percentage declines in

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Starting at a time when short-term interest rates are low, frustration builds up among investors who search for a better yield in countries and locations with higher rates, leading to increased capital flows to countries with higher rates. Internally, short-term rates rise above long-term rates

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In an international context, many emerging market governments are unable to sell bonds denominated in their own currencies, and therefore sell bonds denominated in US dollars instead. This generates a mismatch between the currency denomination of their liabilities (their bonds) and their assets

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The capital flows reverse or cease suddenly causing the subject of investment to be starved of funds and the remaining investors (often those who are least knowledgeable) to be left with devalued assets. Bankruptcies, defaults and bank failures follow as rates are pushed high. After the crisis

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refers to the idea that financial crises may spread from one institution to another, as when a bank run spreads from a few banks to many others, or from one country to another, as when currency crises, sovereign defaults, or stock market crashes spread across countries. When the failure of one

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may help explain how investors sometimes grossly overestimate asset values. Also, if the first investors in a new class of assets (for example, stock in "dot com" companies) profit from rising asset values as other investors learn about the innovation (in our example, as others learn about the

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in asset prices: market participants will go on buying only as long as they expect others to buy, and when many decide to sell the price will fall. However, it is difficult to predict whether an asset's price actually equals its fundamental value, so it is hard to detect bubbles reliably. Some

2070:). Internationally, arbitrage and the need to stop capital flows, which caused bullion drains in the gold standard of the nineteenth century and drains of foreign capital later, bring interest rates in the low-rate country up to equal those in the country which is the subject of investment. 1106:), it is difficult for them to quickly pay back all deposits if these are suddenly demanded, so a run renders the bank insolvent, causing customers to lose their deposits, to the extent that they are not covered by deposit insurance. An event in which bank runs are widespread is called a 1803:

could be made with little or no capital. However, when interest rates changed and the incentive for the flow was removed or reversed sudden changes in capital flows could occur. The subjects of investment might be starved of cash possibly becoming insolvent and creating a

1653:: making institutions' financial situations publicly known by requiring regular reporting under standardized accounting procedures. Another goal of regulation is making sure institutions have sufficient assets to meet their contractual obligations, through 2003:

for Ponzi finance, expected income flows will not even cover interest cost, so the firm must borrow more or sell off assets simply to service its debt. The hope is that either the market value of assets or income will rise enough to pay off interest and

1079:) within economics and applied finance. It has been argued that the assumptions of unique, well-defined causal chains being present in economic thinking, models and data, could, in part, explain why financial crises are often inherent and unavoidable. 2074:

governments push short-term interest rates low again to diminish the cost of servicing government borrowing which has been used to overcome the crisis. Funds build up again looking for investment opportunities and the cycle restarts from the beginning.

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International regulatory convergence has been interpreted in terms of regulatory herding, deepening market herding (discussed above) and so increasing systemic risk. From this perspective, maintaining diverse regulatory regimes would be a safeguard.

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others to buy the asset too. Even though this is a fully rational decision, it may sometimes lead to mistakenly high asset values (implying, eventually, a crash) since the first investors may, by chance, have been mistaken. Herding models, based on

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debt, – which were the form of crisis prior to the 18th century and continue, then and now causing private bank failures; crises since the 18th century feature both public debt default and private debt default. Reinhart and Rogoff also class

1989:. High fragility leads to a higher risk of a financial crisis. To facilitate his analysis, Minsky defines three approaches to financing firms may choose, according to their tolerance of risk. They are hedge finance, speculative finance, and 2033:

becomes impossible for many, and more firms default. If no new money comes into the economy to allow the refinancing process, a real economic crisis begins. During the recession, firms start to hedge again, and the cycle is closed.

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is available to them to buy all of these goods being produced. Furthermore, the expansion of businesses in the process of competing for markets leads to an abundance of goods and a general fall in their prices, further exacerbating

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In a capitalist system, successfully-operating businesses return less money to their workers (in the form of wages) than the value of the goods produced by those workers (i.e. the amount of money the products are sold for). This

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increases their tendency to buy and thus drives the price up further. Likewise, observing a few price decreases may give rise to a downward price spiral, so in models of this type, large fluctuations in asset prices may occur.

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may occur. For example, if investors expect the value of the yen to rise, this may cause its value to rise; if depositors expect a bank to fail this may cause it to fail. Therefore, financial crises are sometimes viewed as a

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that have caused large losses at financial institutions have been accused of acting fraudulently in order to hide their trades. Fraud in mortgage financing has also been cited as one possible cause of the 2008

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France's Financial and Debt Crisis (1783–1788)- France severe financial crisis due to the immense debt accrued through the French involvement in the Seven Years' War (1756–1763) and the American Revolution

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Robertson, Justin, 1972– US-Asia economic relations : a political economy of crisis and the rise of new business actors / Justin Robertson. Abingdon, Oxon ; New York, NY : Routledge, 2008.

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has been criticized for requiring banks to increase their capital when risks rise, which might cause them to decrease lending precisely when capital is scarce, potentially aggravating a financial crisis.

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is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with

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and the bank panics of the 1930s would not have turned into a prolonged depression if it had not been reinforced by monetary policy mistakes on the part of the Federal Reserve, a position supported by

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As the most recent and most damaging financial crisis event, the Global financial crisis, deserves special attention, as its causes, effects, response, and lessons are most applicable to the current

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It's now conventional wisdom that a housing bubble has burst. In fact, there were two bubbles, a housing bubble and a financing bubble. Each fueled the other, but they didn't follow the same course.

2096:). Positive feedback implies that there may be dramatic changes in asset values in response to small changes in economic fundamentals. For example, some models of currency crises (including that of 5953: 2066:

causing failures where borrowing at short term rates has been used to invest long-term where the funds cannot be liquidated quickly (a similar mechanism was implicated in the March 2023 failure of

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who expects other depositors to withdraw their funds may expect the bank to fail, and therefore has an incentive to withdraw, too. Economists call an incentive to mimic the strategies of others

1313:. While devaluation and default could both be voluntary decisions of the government, they are often perceived to be the involuntary results of a change in investor sentiment that leads to a 1668:

Some financial crises have been blamed on insufficient regulation, and have led to changes in regulation in order to avoid a repeat. For example, the former Managing Director of the

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Fraud has played a role in the collapse of some financial institutions, when companies have attracted depositors with misleading claims about their investment strategies, or have

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and the loaning banks would be left with defaulting investors leading to a banking crisis. As Charles Read has pointed out, the modern equivalent of this process involves the

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on 'regulatory failure to guard against excessive risk-taking in the financial system, especially in the US'. Likewise, the New York Times singled out the deregulation of

5178:, "Prof. Rogoff and his longtime collaborator Carmen Reinhart, at the University of Maryland, probably know more about the history of financial crises than anyone alive." 1592:

studies errors in economic and quantitative reasoning. Psychologist Torbjorn K A Eliazon has also analyzed failures of economic reasoning in his concept of 'œcopathy'.

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refers to the circular relationships often evident in social systems between cause and effect - and relates to the property of self-referencing in financial markets.

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the obvious inability to predict and avert financial crises. This realization raises the question as to what is known and also capable of being known (i.e. the

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Read, Charles (2023) ‘The repeal of the Bubble Act and the debate between the Currency and Banking Schools’, in H. Paul, D. Coffman and N. Di Liberto (eds.),

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United States. Congress. House. Committee on the Judiciary. Subcommittee on Commercial and Administrative Law. Working families in financial crisis :

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rise, firms tend to believe that they can allow themselves to take on speculative financing. In this case, they know that profits will not cover all the

1951:, consistently warned about the crash that the world economy is now facing. World systems scholars and Kondratiev cycle researchers always implied that 769: 6723: 2305: 1955:

oriented economists never understood the dangers and perils, which leading industrial nations will be facing and are now facing at the end of the long

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for speculative finance, a firm must roll over debt because income flows are expected to only cover interest costs. None of the principal is paid off.

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later resell it at a higher price, rather than calculating the income it will generate in the future. If there is a bubble, there is also a risk of a

6708: 3071: 6685: 2485:: a panic in the United States marked by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures 1997:

for hedge finance, income flows are expected to meet financial obligations in every period, including both the principal and the interest on loans.

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Thomas Marois (2012), States, Banks and Crisis: Emerging Finance Capitalism in Mexico and Turkey, Edward Elgar Publishing Limited, Cheltenham, UK.

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Many analyses of financial crises emphasize the role of investment mistakes caused by lack of knowledge or the imperfections of human reasoning.

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occur (when depositors panic and decide to withdraw their funds more quickly than the bank can get back the proceeds of its loans). Likewise,

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Price, Steve (Summer 2009). "Real Estate and the Financial Crisis: How Turmoil in the Capital Markets is Restructuring Real Estate Finance".

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Governments have attempted to eliminate or mitigate financial crises by regulating the financial sector. One major goal of regulation is

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Bulow, Jeremy I.; Geanakoplos, John D.; Klemperer, Paul D. (June 1985). "Multimarket Oligopoly: Strategic Substitutes and Complements".

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Well-known examples of bubbles (or purported bubbles) and crashes in stock prices and other asset prices include the 17th century Dutch

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Gordy, Michael B.; Howells, Bradley (July 2006). "Procyclicality in Basel II: Can we treat the disease without killing the patient?".

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suffered crises in 1992–93 and were forced to devalue or withdraw from the mechanism. Another round of currency crises took place in

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It has been argued that if people or firms have a sufficiently strong incentive to do the same thing they expect others to do, then

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It is often observed that successful investment requires each investor in a financial market to guess what other investors will do.

6678: 6595: 6565: 6448: 6441: 6385: 6378: 6246: 5935: 3698:, ‘What went wrong? An initial inquiry into the causes of the 2008 financial crisis’ (2009) 9(1) Journal of Corporate Law Studies 1 2857: 3201: 6752: 6371: 5624: 5545: 3437: 2937: 2150:, indicate that it is the internal structure of the market, not external influences, which is primarily responsible for crashes. 1398: 2327:

in the Netherlands – while tulip mania is popularly reported as an example of a financial crisis, and was a speculative bubble,

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Among the earliest crises Reinhart and Rogoff study is the 1340 default of England, due to setbacks in its war with France (the

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The Banking School theory of crises describes a continuous cycle driven by varying interest rates. It is based on the work of

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during 2006–2008. The 2000s sparked a real estate bubble where housing prices were increasing significantly as an asset good.

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Financial Crisis of 1818 - in England caused banks to call in loans and curtail new lending, draining specie out of the U.S.

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Some economists argue that many recessions have been caused in large part by financial crises. One important example is the

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but do not necessarily result in significant changes in the real economy (for example, the crisis resulting from the famous

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Kaufman, George G.; Scott, Kenneth E. (2003). "What Is Systemic Risk, and Do Bank Regulators Retard or Contribute to It?".

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initial shock that sets off a recession, other factors may be more important in prolonging the recession. In particular,

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Uncontrolled Risk: The Lessons of Lehman Brothers and How Systemic Risk Can Still Bring Down the World Financial System

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as being forms of financial crisis, broadly speaking, because they lead to unilateral reduction (repudiation) of debt.

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complementarity"), but because investors come to believe the true asset value is high when they observe others buying.

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Recurrent major depressions in the world economy at the pace of 20 and 50 years have been the subject of studies since

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holds that its broader economic impact was limited to negligible, and that it did not precipitate a financial crisis.

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Fratianni, Michele U.; Marchionne, Francesco (10 April 2009). "The Role of Banks in the Subprime Financial Crisis".

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Marchionne, Francesco; Fratianni, Michele U. (10 April 2009). "The Role of Banks in the Subprime Financial Crisis".

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Dorn, N. (1 January 2010). "The Governance of Securities: Ponzi Finance, Regulatory Convergence, Credit Crunch".

2653: 2611: 2388: 1732: 840: 2266: 6580: 6544: 6455: 6357: 5327: 5214: 3793: 3504: 2844: 2694: 2119:, in which savers withdraw their assets from the bank because they expect others to withdraw too. Likewise, in 1857: 4957:

Morris, Stephen; Shin, Hyun Song (1998). "Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks".

2405:: pervasive British economic recession in which many British banks failed, & Bank of England nearly failed 1687:

However, excessive regulation has also been cited as a possible cause of financial crises. In particular, the

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may expect the yen to rise in value, and therefore has an incentive to buy yen, too. Likewise, a depositor in

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of financial markets often assume investors act on the basis of adaptive learning or adaptive expectations.

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Gernot Kohler and Emilio José Chaves (Editors) "Globalization: Critical Perspectives" Hauppauge, New York:

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Lessons from the Asian financial crisis / edited by Richard Carney. New York, NY : Routledge, 2009.

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Tkac, Paula A.; Dwyer, Gerald P. (August 2009). "The Financial Crisis of 2008 in Fixed-income Markets".

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Charles Goodhart and P. Delargy (1998), 'Financial crises: plus ça change, plus c'est la même chose'.

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Calming the storms : the carry trade, the banking school and British financial crises since 1825

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Calming the storms : the carry trade, the banking school and British financial crises since 1825

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Calming the storms : the carry trade, the banking school and British financial crises since 1825

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in response to a sufficient deterioration of government finances or underlying economic conditions.

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particular financial institution threatens the stability of many other institutions, this is called

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in 2007. Banking crises generally occur after periods of risky lending and resulting loan defaults.

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economists Ludwig von Mises and Friedrich Hayek discussed the business cycle starting with Mises'

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defaults. Lenders understand the actual risks in the economy and stop giving credit so easily.

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Other People's Money: Debt Denomination and Financial Instability in Emerging Market Economies

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According to some theories, positive feedback implies that the economy can have more than one

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Asset Pricing under Asymmetric Information: Bubbles, Crashes, Technical Analysis, and Herding

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coincided with these panics. Other situations that are often called financial crises include

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The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do About It

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and begin their "eight centuries" in 1258; debasement of currency also occurred under the

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Mathematical approaches to modeling financial crises have emphasized that there is often

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its currency due to accruing an unsustainable current account deficit, this is called a

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caused by a contraction of money supply had been recorded by several Roman historians.

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Markus Brunnermeier (2009), 'Deciphering the liquidity and credit crunch 2007–2008'.

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Situation in which financial assets suddenly lose a large part of their nominal value

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Executive Greed: Examining Business Failures that Contributed to the Economic Crisis

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Maurice Obstfeld (1996), 'Models of currency crises with self-fulfilling features'.

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by the 1850s, which also made the Panic of 1857 the first worldwide economic crisis.

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Some financial crises have little effect outside of the financial sector, like the

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their choices. For example, someone who thinks other investors want to heavily buy

1382: 1373: 1183: 947: 914: 899: 879: 726: 711: 237: 208: 196: 186: 102: 72: 67: 5302: 5029:"A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades" 3576: 1385:, which was preceded in many countries by bank runs and stock market crashes. The 6810: 6496: 6346: 6181: 6027: 5983: 5882: 5383: 4892: 4721: 4614: 4324: 3805: 3465: 3408: 3136: 3125: 2677: 2600: 2572: 2465: 2219: 2147: 1960: 1862: 1744: 1688: 1644: 1391: 1276: 1240: 1167: 1134: 1098:

When a bank suffers a sudden rush of withdrawals by depositors, this is called a

1056: 1052: 828: 731: 691: 671: 537: 338: 333: 328: 295: 267: 127: 5028: 4231: 3763:"The myths about the economic crisis, the reformist left and economic democracy" 3312:

Why Are There So Many Banking Crises? The Politics and Policy of Bank Regulation

1340:

resulted in a devaluation of the ruble and default on Russian government bonds.

6261: 6173: 6078: 5448: 5427: 5104: 3988:"Epistemic Limits of Empirical Finance: Causal Reductionism and Self-Reference" 3695: 3508: 3170: 3140: 2760: 2421:: a collapse of British financial markets associated with the end of the 1840s 2359: 2309: 2240: 2223: 2009: 1956: 1716: 1623:

in 2001 arguably began with "irrational exuberance" about Internet technology.

1620: 1318: 1306: 1140: 786: 701: 696: 353: 203: 159: 77: 52: 44: 4858: 4792: 4644: 3228: 2460:: pervasive USA economic recession w/ bank failures, known then as the 5 year 2194: 1843:

explore how currency crises and banking crises together can cause recessions.

1231: 621: 6804: 5924: 5849: 5842: 5835: 5813: 5797: 5789: 5782: 5768: 5738: 5731: 5724: 5682: 5675: 5668: 5639: 5478: 5471: 5397: 5369: 5270: 4304: 4017: 3969: 3511:(1998), 'Unique equilibrium in a model of self-fulfilling currency attacks'. 3296: 2631: 2527: 2521: 2509: 2501: 2493: 2482: 2476: 2470: 2457: 2441: 2431: 2418: 2408: 2402: 2396: 2369: 2132: 1888: 1804: 1768: 1704: 1612: 1583: 1395: 1236: 1205: 1179: 1122: 909: 721: 706: 681: 666: 661: 656: 631: 626: 290: 252: 149: 3301:

Fragile by Design: The Political Origins of Banking Crises and Scarce Credit

6253: 6004: 5805: 5376: 5123: 4838: 4772: 3927: 3777: 3742: 2971: 2957: 2286: 2256: 2097: 2043: 1978:

explanation that is most applicable to a closed economy. He theorized that

1971: 1723: 1700: 1616: 1607:

of 1720, which occurred when the notion of investment in shares of company

1559: 1555: 1521: 1468: 1464: 1406: 1189: 1175: 1064: 816: 741: 686: 646: 433: 305: 272: 262: 220: 97: 92: 3796: 2319:

Other global and national financial mania since the 17th century include:

1751:. Likewise it has been argued that many financial companies failed in the 6507: 5964: 5563: 5420: 5390: 5262: 4701: 4072: 4055: 4009: 3470:

Central banks and economic policy after the crisis: what have we learned?

2505: 2324: 2030: 1791: 1740: 1294: 1280: 1248: 1155: 1151: 1068: 746: 257: 242: 5278: 5246: 4674: 3987: 2558:: the largest and most important economic depression in the 20th century 5070: 5005: 4943: 4477: 4412: 4318:'The Theory of Reflexivity', speech by George Soros, April 1994 at MIT. 4296: 3380: 3360: 3257:

Allen, Franklin; Gale, Douglas (February 2000). "Financial Contagion".

3108: 2435: 2236: 1983: 1736: 1510: 1252: 676: 606: 542: 493: 4970: 1102:. Since banks lend out most of the cash they receive in deposits (see 5027:

Bikhchandani, Sushil; Hirshleifer, David; Welch, Ivo (October 1992).

3961: 2878: 2826: 2749: 2497: 2013: 1892: 1349: 1193: 1040: 942: 774: 616: 247: 132: 87: 4997: 4984:

Banerjee, A. V. (1 August 1992). "A Simple Model of Herd Behavior".

4935: 4404: 4280: 3202:

Fear, Folly, and Financial Crises – Some Policy Lessons from History

5355: 5312: 5047: 4451: 4362: 4000: 3345: 3270: 2932: 2259: 2116: 2021: 1755:

because their managers failed to carry out their fiduciary duties.

1551: 1417: 1197: 1093: 4759:

The Bubble Act: New Perspectives from Passage to Repeal and Beyond

3944: 3599:

The Panic of 1907. Lessons Learned from the Market's Perfect Storm

3560: 3534:

Financial Crises, Liquidity, and the International Monetary System

2308:). Further early sovereign defaults include seven defaults by the 4189: 3097: 2980: 2891: 2774: 2422: 1986: 1562:

it used to finance long-term investments in mortgage securities.

4594:

Strauss Kahn D, 'A systemic crisis demands systemic solutions',

2620:– the largest one-day percentage decline in stock market history 2586: 2378:– British and US credit crisis caused by land speculation bubble 1735:

was looking into possible fraud by mortgage financing companies

4922:

Krugman, Paul (1979). "A Model of Balance-of-Payments Crises".

2919: 2865: 2852: 2839: 2813: 2800: 2730: 2710: 2689: 1931:

Empirical and econometric research continues especially in the

823: 5189:"The Financial Crisis, Then and Now: Ancient Rome and 2008 CE" 4819:

Craig Burnside, Martin Eichenbaum, and Sergio Rebelo (2008), '

4585:

Kindleberger and Aliber (2005), op. cit., p. 26 and pp. 160–2.

3438:

Early Speculative Bubbles and Increases in the Supply of Money

2411:: pervasive USA economic recession w/ bank failures; a 5-year 1362:. An especially prolonged or severe recession may be called a 5235:

Volume 28 (International Publishers: New York, 1986) p. XIII.

2787: 2666: 2590:

Wall Street on the morning of 14 May during the Panic of 1884

1990: 1711:

investment fund in Russia in 1994, the scams that led to the

1608: 1546:

Another factor believed to contribute to financial crises is

1358:

Negative GDP growth lasting two or more quarters is called a

415: 191: 5026: 3541:

Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy?

1797: 1786:

One widely cited example of contagion was the spread of the

1731:; government officials stated on 23 September 2008 that the 1228:

economists insist that bubbles never or almost never occur.

2251: 3893:

Manias, Panics, and Crashes: A History of Financial Crises

3147:

This Time is Different: Eight Centuries of Financial Folly

3083:

Manias, Panics, and Crashes: A History of Financial Crises

2212:

This Time is Different: Eight Centuries of Financial Folly

1707:'s scam in early 20th century Boston, the collapse of the 5306: 4531: 4478:"Models of currency crises with self-fulfilling features" 4348: 4164: 3748:

The Return of Depression Economics and the Crisis of 2008

3403:

Extraordinary Popular Delusions and the Madness of Crowds

2206:

in 1720 is regarded as the first modern financial crisis.

1459:

Furthermore, in many cases, investors have incentives to

4386:"Coordinating Coordination Failures in Keynesian Models" 4171: 3605: 2508:

and market concerns on the effects it would have on the

2473:: a panic in the United States centred on New York banks 2277:

Reinhart and Rogoff trace inflation (to reduce debt) to

3613:

The International Debt Crisis in Historical Perspective

1566:(their local tax revenues), so that they run a risk of 1452:

in which each participant tries to predict which model

5071:"Financial crises as herds: overturning the critiques" 4134:

Famous First Bubbles: The Fundamentals of Early Manias

4085: 4083: 3986:

Polakow, Daniel A.; Gebbie, Tim; Flint, Emlyn (2023).

3490:, and Sergio Rebelo (2008), 'Currency crisis models', 1401:

that the initial economic decline associated with the

1154:

against the peg that hastens the failure and forces a

5661:

Post-Napoleonic Irish grain price and land use shocks

3177:

The Ascent of Money: A Financial History of the World

2126: 1558:

failed in 2007–08 because it was unable to renew the

1235:

Black Friday, 9 May 1873, Vienna Stock Exchange. The

5103:

Cipriani, Marco; Guarino, Antonio (6 January 2008).

4542:

Kindleberger and Aliber (2005), op. cit., pp. 54–58.

4431:

Diamond, Douglas W.; Dybvig, Philip H. (June 1983).

4426: 4424: 4422: 4337:

The General Theory of Employment, Interest and Money

3554:'Blueprints for a new global financial architecture' 3472:’, ch. 5 in: Baker, H.K. and Riddick, L.A. (eds.), ‘ 3325:

Diamond, Douglas W.; Dybvig, Philip H. (June 1983).

2947: 2524:: limited to crashing of the New York Stock Exchange 1993:

finance. Ponzi finance leads to the most fragility.

1520:

For example, borrowing to finance investment in the

4080: 4030: 3916:. International Monetary Fund Working Paper 08/224. 3701: 3611:Barry Eichengreen and Peter Lindert, eds., (1992), 3367:. International Monetary Fund Working Paper 08/224. 2530:: pervasive USA economic recession w/ bank failures 5105:"Herd Behavior and Contagion in Financial Markets" 4246:A Monetary History of the United States, 1867–1960 3985: 3891:Charles P. Kindleberger and Robert Aliber (2005), 3174: 3144: 2037: 2025:lend to firms without full guarantees of success. 2008:Financial fragility levels move together with the 1897:law of the tendency for the rate of profit to fall 1444:paradigm surrounding financial crises. Similarly, 1161: 5233:Collected Works of Karl Marx and Frederick Engels 4533:– Om Emotionell intelligens och Œcopati (ekopati) 4419: 4339:, Chapter 12. (New York: Harcourt Brace and Co.). 3459: 3072:Lombard Street: A Description of the Money Market 2348:- started in Amsterdam, begun by the collapse of 1270: 6802: 5147:"Possible Early Warning Sign for Market Crashes" 5069:Chari, V.V.; Kehoe, Patrick J. (November 2004). 4576:Kindleberger and Aliber (2005), op. cit., p. 26. 4567:Kindleberger and Aliber (2005), op. cit., p. 54. 4147: 2697:– speculative attack and default on Mexican debt 2564:: an economic downturn that occurred during the 1891:became the central recurring concept throughout 1573: 1418:Strategic complementarities in financial markets 1063:. Financial crises directly result in a loss of 5176:What a Sovereign-Debt Crisis Could Mean for You 5102: 4471: 4469: 4278: 3561:The Great Depression and earlier banking crises 4180:"Egg Cracks Differ In Housing, Finance Shells" 3135: 2215: 1943:. Major figures of world systems theory, like 1909:Tendency towards the Centralization of Profits 1899:borrowed many features of the presentation of 6789:List of stock market crashes and bear markets 5328: 4433:"Bank Runs, Deposit Insurance, and Liquidity" 4430: 4384:Cooper, Russell; John, Andrew (August 1988). 4177: 3674: 3327:"Bank Runs, Deposit Insurance, and Liquidity" 3324: 3021:List of stock market crashes and bear markets 2704:– devaluations and banking crises across Asia 1011: 848: 4660: 4630: 4466: 3468:Di Bartolomeo, G. and Hughes Hallett, A. , ‘ 2092:between market participants' decisions (see 1841:'third generation' models of currency crises 1119:run on the Bank of the United States in 1931 3547:Financial Crises: And What to Do about Them 2884:Ongoing Sri Lankan currency and debt crisis 2680:– speculative attacks on currencies in the 2356:'s bank, spread to Germany and Scandinavia. 1922:the tendency for the rate of profit to fall 1535: 1528:") became increasingly common prior to the 1456:participants will consider most beautiful. 1324:Several currencies that formed part of the 1317:in capital inflows or a sudden increase in 5335: 5321: 5068: 4956: 4871:: CS1 maint: location missing publisher ( 4805:: CS1 maint: location missing publisher ( 4383: 4244:Milton Friedman and Anna Schwartz (1971), 4119:Markus Brunnermeier (2008), 'Bubbles', in 3583:Milton Friedman and Anna Schwartz (1971), 3241:: CS1 maint: location missing publisher ( 2938:Ongoing Pakistani currency and debt crisis 2648:Early 1990s: Scandinavian banking crisis, 2161: 1412: 1018: 1004: 855: 841: 6610:2015–2016 Chinese stock market turbulence 5112:The B.E. Journal of Theoretical Economics 4071: 3999: 3943: 3928:"Economics needs a scientific revolution" 3914:'Systemic banking crises: a new database' 3844: 3365:'Systemic banking crises: a new database' 3256: 1798:Interest rate disparity and capital flows 4983: 4912:. Cambridge: Cambridge University Press. 4656: 4654: 4475: 4121:The New Palgrave Dictionary of Economics 3925: 3800: 3285:Franklin Allen and Douglas Gale (2007), 3169: 2871:Ongoing Turkish currency and debt crisis 2585: 2265: 2250: 2246: 2193: 1626:Unfamiliarity with recent technical and 1372: 1343: 1230: 4921: 4733: 3912:Luc Laeven and Fabian Valencia (2008), 3585:A Monetary History of the United States 3063: 2637:United States Savings & Loan crisis 2599:– beginning in Mexico in 1982 with the 2058:and a number of bankers opposed to the 1905:Of the Tendency of Profits to a Minimum 1814: 1703:the resulting income. Examples include 1611:was itself new and unfamiliar, and the 1570:due to fluctuations in exchange rates. 1305:. When a country fails to pay back its 14: 6803: 6515:Venezuelan banking crisis of 2009–2010 6285:South American economic crisis of 2002 6182:Black Wednesday (1992 Sterling crisis) 5303:Financial Crises: Lessons from History 5244: 4554:, obituary of Charles Kindleberger in 4033:Review of Economic Conditions in Italy 3374: 3319:Financial Markets and Financial Crises 2544:1914: The Great Financial Crisis (see 2210:A noted survey of financial crises is 1634: 1336:on their debt in the early 1980s. The 165:Measures of national income and output 6566:2013 Chinese banking liquidity crisis 6522:2010–2014 Portuguese financial crisis 5998:Secondary banking crisis of 1973–1975 5316: 5157:from the original on 29 December 2016 4843:. Cham, Switzerland. pp. 64–68. 4651: 4217: 3606:Recent international financial crises 2755:Argentine economic crisis (1999-2002) 2582:Secondary banking crisis of 1973–1975 2273:defaulted four times on Spain's debt. 2077: 991:Industrialization in the Soviet Union 6596:Russian financial crisis (2014–2016) 6449:2008–2011 Icelandic financial crisis 6442:2008–2009 Ukrainian financial crisis 6407:2000s U.S. housing market correction 6247:1998–2002 Argentine great depression 5342: 5144: 4924:Journal of Money, Credit and Banking 4836: 4825:New Palgrave Dictionary of Economics 4770: 4687: 4281:"The epistemology of modern finance" 4053: 3981: 3979: 3492:New Palgrave Dictionary of Economics 3430:New Palgrave Dictionary of Economics 3208: 2767:Global financial crisis of 2007–2008 1851: 6753:2023–2024 Egyptian financial crisis 6588:Puerto Rican government-debt crisis 6581:2014–2016 Brazilian economic crisis 5954:1963–1965 Indonesian hyperinflation 5857:Shanghai rubber stock market crisis 5546:Dutch Republic stock market crashes 5231:See the "Preface" contained in the 4633:Journal of Financial Intermediation 4196:from the original on 13 August 2017 4101:from the original on 2 October 2017 2540:Shanghai rubber stock market crisis 2121:Obstfeld's model of currency crises 1872: 1809:Carry Trade, see Carry (investment) 1263:of the 1980s, and the crash of the 24: 6559:2012–2013 Cypriot financial crisis 6463:2008–2014 Spanish financial crisis 6435:2008–2009 Russian financial crisis 6428:2008–2009 Belgian financial crisis 6123:1988–1992 Norwegian banking crisis 5618:British credit crisis of 1772–1773 4986:The Quarterly Journal of Economics 4393:The Quarterly Journal of Economics 4285:Journal of Philosophical Economics 4178:Justin Lahart (24 December 2007). 4163:. Episode 06292007. 29 June 2007. 4054:Shin, Hyun Song (1 January 2009). 3385:Financial Meltdown 2010 (Hardback) 2832:Ongoing Venezuelan economic crisis 2624:1988–1992 Norwegian banking crisis 2127:Herding models and learning models 1966: 1334:Latin American countries defaulted 1128: 1117:Examples of bank runs include the 981:Economic history of the Arab world 25: 6837: 6746:2023 United States banking crisis 6552:2011 Bangladesh share market scam 6240:1998–1999 Ecuador economic crisis 6204:Venezuelan banking crisis of 1994 6130:Japanese asset price bubble crash 6071:Souk Al-Manakh stock market crash 5821:Australian banking crisis of 1893 5625:Dutch Republic financial collapse 5296: 4517:Eichengreen and Hausmann (2005), 3976: 3250: 3040:2007–2008 world food price crisis 2897:Ongoing Lebanese liquidity crisis 2575:– oil prices soared, causing the 2489:Australian banking crisis of 1893 1087: 5603:Amsterdam banking crisis of 1763 4738:, New York: Palgrave Macmillan, 4552:'Of manias, panics, and crashes' 4476:Obstfeld, Maurice (April 1996). 4279:de Scheemaekere, Xavier (2009). 4060:Journal of Economic Perspectives 3926:Bouchaud, Jean-Philippe (2008). 3737:Journal of Economic Perspectives 3418:Robert J. Shiller (1999, 2006), 2964: 2950: 2931: 2918: 2890: 2877: 2864: 2851: 2838: 2825: 2812: 2799: 2786: 2773: 2748: 2729: 2709: 2688: 2682:European Exchange Rate Mechanism 2665: 2630: 1885:Jean Charles Léonard de Sismondi 1448:compared financial markets to a 1326:European Exchange Rate Mechanism 1289:When a country that maintains a 822: 810: 51: 6328:2007 Chinese stock bubble crash 5654:Danish state bankruptcy of 1813 5238: 5225: 5207: 5181: 5169: 5145:Keim, Brandon (18 March 2011). 5138: 5096: 5062: 5020: 4977: 4950: 4915: 4902: 4879: 4830: 4813: 4764: 4751: 4727: 4724:, CNN Money, 23 September 2008. 4708: 4681: 4624: 4601: 4588: 4579: 4570: 4561: 4545: 4536: 4524: 4511: 4377: 4342: 4329: 4311: 4272: 4259: 4238: 4211: 3769:, The International Journal of 3474:Survey of International Finance 3443:Markus K. Brunnermeier (2001), 3130:Stabilizing an Unstable Economy 2721: 2654:Finnish banking crisis of 1990s 2612:Bank stock crisis (Israel 1983) 2515: 2389:Danish state bankruptcy of 1813 2382: 2038:Banking School theory of crises 1162:Speculative bubbles and crashes 6709:Chinese property sector crisis 6617:2015–2016 stock market selloff 6545:August 2011 stock markets fall 6456:2008–2011 Irish banking crisis 6153:1990s Swedish financial crisis 5902:Weimar Republic hyperinflation 4690:British Journal of Criminology 4248:. Princeton University Press, 4126: 4113: 4047: 4024: 3919: 3906: 3885: 3592:Essays on the Great Depression 3460:International financial crises 3317:R. Glenn Hubbard, ed., (1991) 3287:Understanding Financial Crises 2845:2014 Brazilian economic crisis 2316:, three under his successors. 1858:Austrian business cycle theory 1514: 1271:International financial crisis 770:Publications in macroeconomics 13: 1: 6782:List of sovereign debt crises 6724:2022 Russian financial crisis 6421:2008 Latvian financial crisis 6414:U.S. bear market of 2007–2009 6292:Stock market downturn of 2002 6233:1998 Russian financial crisis 6086:1983 Israel bank stock crisis 5090:10.1016/S0022-0531(03)00225-4 3879: 3415:, Princeton University Press. 3058: 3016:Stock market crashes in India 1715:of 1997, and the collapse of 1678:financial crisis of 2007–2008 1574:Uncertainty and herd behavior 1338:1998 Russian financial crisis 1071:bubble in the 17th century). 6484:Greek government-debt crisis 6321:2004 Argentine energy crisis 6278:2001 Turkish economic crisis 6167:1990s Armenian energy crisis 6160:1990s Finnish banking crisis 6021:1976 British currency crisis 5991:1973–1974 stock market crash 5251:The American Economic Review 5036:Journal of Political Economy 4959:The American Economic Review 4530:Torbjörn K A Eliazon (2006) 4497:10.1016/0014-2921(95)00111-5 4440:Journal of Political Economy 4351:Journal of Political Economy 3810:. McGraw Hill Professional. 3363:and Fabian Valencia (2008), 3334:Journal of Political Economy 3310:Jean-Charles Rochet (2008), 3259:Journal of Political Economy 2819:Greek government-debt crisis 2736:2001 Turkish economic crisis 2577:1973–1974 stock market crash 2354:Leendert Pieter de Neufville 1982:is a typical feature of any 1758: 1749:American International Group 1717:Madoff Investment Securities 1440:has been a proponent of the 1265:United States housing bubble 7: 6640:2017 Sri Lankan fuel crisis 6306:2003 Myanmar banking crisis 6299:2002 Uruguay banking crisis 6219:1997 Asian financial crisis 6146:1991 Indian economic crisis 6138:Rhode Island banking crisis 6108:Cameroonian economic crisis 5894:Early Soviet hyperinflation 5507:Crisis of the Third Century 5245:Silber, William L. (2007). 4715:'FBI probing bailout firms' 3476:’, Oxford University Press. 3447:, Oxford University Press. 2943: 2702:1997 Asian Financial Crisis 2672:1991 Indian economic crisis 2643:Japanese asset price bubble 2295:financial crisis in 33 A.D. 2102:avalanche of currency sales 1939:and the so-called 50-years 1846: 1670:International Monetary Fund 1495: 1377:Declining consumer spending 10: 6842: 6671:Sri Lankan economic crisis 6529:Energy crisis in Venezuela 6508:2009 Dubai debt standstill 6358:2007–2008 financial crisis 6013:Latin American debt crisis 5776:Paris Bourse crash of 1882 5078:Journal of Economic Theory 4608:'Don't blame the New Deal' 3680:Robert J. Shiller (2008), 3675:2007–2012 financial crisis 3577:America`s Great Depression 3552:Charles Calomiris (1998), 3545:Barry Eichengreen (2002), 3518:Barry Eichengreen (2004), 3305:Princeton University Press 3153:Princeton University Press 3085:(Palgrave Macmillan, 2005 3081:and Robert Aliber (2005), 3046:America's Great Depression 2780:Icelandic financial crisis 2597:Latin American debt crisis 2504:precipitated by a drop in 2216:Reinhart & Rogoff 2009 2183: 2179: 2165: 2130: 2113:Diamond and Dybvig's model 2081: 1876: 1867:Theory of Money and Credit 1855: 1762: 1684:as a cause of the crisis. 1638: 1577: 1539: 1499: 1480:self-fulfilling prophecies 1421: 1347: 1303:balance of payments crisis 1274: 1187: 1165: 1150:is about to fail, causing 1138: 1132: 1104:fractional-reserve banking 1091: 986:Economy of the Inca Empire 521:New neoclassical synthesis 504:Real business-cycle theory 6762: 6739:2022 stock market decline 6731:Pakistani economic crisis 6717:2021–2023 inflation surge 6663:Lebanese liquidity crisis 6632:Venezuelan hyperinflation 6624:Brexit stock market crash 6573:Venezuela economic crisis 6495: 6345: 6335:Zimbabwean hyperinflation 6045: 5963: 5934: 5918:Wall Street Crash of 1929 5881: 5758:2nd Industrial Revolution 5756: 5692: 5592:1st Industrial Revolution 5590: 5517: 5495: 5350: 4720:26 September 2008 at the 4645:10.1016/j.jfi.2005.12.002 3773:, vol 4, no 4, Oct. 2008. 3597:Robert F. Bruner (2007), 2695:Economic crisis in Mexico 2552:Wall Street Crash of 1929 2094:strategic complementarity 1821:Wall Street crash of 1987 1713:Albanian Lottery Uprising 1530:Wall Street Crash of 1929 1488:discussed further within 1473:strategic complementarity 1424:Strategic complementarity 1257:Wall Street Crash of 1929 6400:Subprime mortgage crisis 6063:Brazilian hyperinflation 6035:Brazilian hyperinflation 5872:Financial crisis of 1914 5580:Mississippi bubble crash 4891:29 December 2016 at the 4613:29 December 2016 at the 4485:European Economic Review 4323:28 December 2009 at the 3739:23 (1), pp. 77–100. 3590:Ben S. Bernanke (2000), 3574:Murray Rothbard (1963), 3566:Murray Rothbard (1962), 3539:Guillermo Calvo (2005), 3520:Capital Flows and Crises 3513:American Economic Review 3499:European Economic Review 3107:. With contributions by 3011:Philosophy and economics 2925:Russian financial crisis 2858:Russian financial crisis 2793:Spanish financial crisis 2716:Russian financial crisis 2454:: aka Gold Panic of 1869 2427:Bank Charter Act of 1844 1935:and in the debate about 1790:to other countries like 1729:subprime mortgage crisis 1548:asset-liability mismatch 1542:Asset-liability mismatch 1536:Asset-liability mismatch 1428:Self-fulfilling prophecy 1387:subprime mortgage crisis 1261:Japanese property bubble 1082: 526:Saltwater and freshwater 6775:List of economic crises 6693:2020 stock market crash 6686:Financial market impact 6655:Turkish economic crisis 6270:9/11 stock market crash 6226:October 1997 mini-crash 6197:1994 bond market crisis 6189:Yugoslav hyperinflation 6100:Savings and loan crisis 5701:European potato failure 4734:Kothari, Vinay (2010), 3992:SSRN Electronic Journal 3529:1 (2), pp. 261–87. 3413:Why Stock Markets Crash 3098:Nova Science Publishers 3079:Charles P. Kindleberger 3069:Walter Bagehot (1873), 2903:2020 stock market crash 2607:Savings and loan crisis 2350:Johann Ernst Gotzkowsky 2190:List of economic crises 2168:Global Financial Crisis 2162:Global financial crisis 1895:'s mature work. Marx's 1619:, and the crash of the 1597:Charles P. Kindleberger 1490:Epistemology of finance 1413:Causes and consequences 1202:List of commodity booms 1108:systemic banking crisis 886:Particular histories of 454:International economics 379:Overlapping generations 6768:List of banking crises 6537:Syrian economic crisis 6470:Blue Monday Crash 2009 6079:Chilean crisis of 1982 5910:Shōwa financial crisis 5716:Highland Potato Famine 5572:South Sea bubble crash 5363:Commodity price shocks 5124:10.2202/1935-1704.1390 4837:Read, Charles (2022). 4821:Currency crisis models 4771:Read, Charles (2023). 4663:The Independent Review 3866:Cite journal requires 3723:Cite journal requires 3435:Douglas French (2009) 3209:Read, Charles (2022). 3113:Christopher Chase Dunn 3006:Macroprudential policy 2650:Swedish banking crisis 2591: 2274: 2263: 2262:was debased over time. 2207: 2186:List of banking crises 1959:which began after the 1674:Dominique Strauss-Kahn 1661:, and other limits on 1378: 1354:Depression (economics) 1293:is suddenly forced to 1244: 797:Mathematical economics 548:Modern monetary theory 311:Universal basic income 6093:Black Saturday (1983) 5947:Kennedy Slide of 1962 5519:Commercial revolution 4777:. Cham, Switzerland. 4335:J. M. Keynes (1936), 4265:'1929 and all that', 4132:Peter Garber (2001), 3527:International Finance 3481:Currencies and Crises 3479:Paul Krugman (1995), 3420:Irrational Exuberance 3213:. Cham, Switzerland. 3199:Joachim Vogt (2014), 3001:Lender of last resort 2742:Early 2000s recession 2659:Early 1990s recession 2589: 2446:Overend Gurney crisis 2269: 2254: 2247:Prior to 19th century 2197: 2137:Adaptive expectations 2060:Bank Charter Act 1844 1869:, published in 1912. 1825:financial accelerator 1628:financial innovations 1376: 1344:Wider economic crisis 1234: 1172:Irrational exuberance 976:Economic antisemitism 637:Wesley Clair Mitchell 612:Thomas Robert Malthus 449:Development economics 6647:Ghana banking crisis 6477:European debt crisis 6262:Dot-com bubble crash 6174:Cuban Special Period 5633:Copper Panic of 1789 5538:The Great Debasement 5530:Great Bullion Famine 5263:10.1257/aer.97.2.285 4761:(Palgrave Macmillan) 4621:, 28 September 2008. 4598:, 25 September 2008. 4095:TheGlobalEconomy.com 4073:10.1257/jep.23.1.101 4010:10.2139/ssrn.4646664 3532:Jean Tirole (2002), 3293:Charles W. Calomiris 3181:. Penguin. pp. 3121:Immanuel Wallerstein 3064:General perspectives 3052:Great Trade Collapse 2806:European debt crisis 2546:Aldrich-Vreeland Act 2338:(Great Britain) and 2198:The bursting of the 1953:Washington Consensus 1949:Immanuel Wallerstein 1933:world systems theory 1837:Kiyotaki-Moore model 1815:Recessionary effects 1682:credit default swaps 1659:capital requirements 1655:reserve requirements 1641:Financial regulation 1595:Historians, notably 1580:Behavioral economics 1148:pegged exchange rate 1045:stock market crashes 374:Ramsey–Cass–Koopmans 214:Liquidity preference 6603:2015 Nepal blockade 6313:2000s energy crisis 6211:Mexican peso crisis 6116:Black Monday (1987) 5976:1970s energy crisis 5936:Post–WWII expansion 5610:Bengal bubble crash 5405:Financial contagion 5309:, 3 September 2007. 5215:"Law of easy money" 4886:'The widening gyre' 4596:The Financial Times 4185:Wall Street Journal 4160:Bill Moyers Journal 3954:2008Natur.455.1181B 3771:Inclusive Democracy 3428:(2008), 'Bubbles', 3426:Markus Brunnermeier 3375:Bubbles and crashes 3035:2000s energy crisis 2991:Flight-to-liquidity 2986:Financial stability 2618:Black Monday (1987) 2498:economic depression 2452:Black Friday (1869) 2448:(primarily British) 1980:financial fragility 1833:flight to liquidity 1788:Thai crisis in 1997 1765:Financial contagion 1635:Regulatory failures 1590:Behavioural finance 1450:beauty contest game 1446:John Maynard Keynes 1368:economic stagnation 1309:, this is called a 1291:fixed exchange rate 1251:, the 18th century 1214:Stock market bubble 1051:of other financial 829:Business portal 765:Macroeconomic model 642:John Maynard Keynes 439:Economic statistics 384:General equilibrium 5865:Panic of 1910–1911 5709:Great Irish Famine 5647:Panic of 1796–1797 5486:Stock market crash 5195:. 10 December 2018 5193:Harvard University 4910:Coordination Games 4908:R. Cooper (1998), 4899:, 27 October 2008. 4702:10.1093/bjc/azp062 4491:(3–5): 1037–1047. 4297:10.46298/jpe.10578 4220:Real Estate Issues 3381:Dutton, Roy (2010) 3117:Andre Gunder Frank 2996:Global debt levels 2759:2001: Bursting of 2592: 2554:, followed by the 2534:Panic of 1910–1911 2376:Panic of 1796–1797 2340:Mississippi Bubble 2334:1720: Bursting of 2329:modern scholarship 2323:1637: Bursting of 2302:Hundred Years' War 2275: 2271:Philip II of Spain 2264: 2228:sovereign defaults 2208: 2204:Mississippi Bubble 2156:Agent-based models 2148:Complexity Science 2078:Coordination games 1945:Andre Gunder Frank 1937:Nikolai Kondratiev 1605:Mississippi Bubble 1502:Leverage (finance) 1379: 1245: 1218:Stock market crash 1210:Real estate bubble 1061:sovereign defaults 967:Prominent examples 717:Edward C. Prescott 444:Monetary economics 6798: 6797: 6679:COVID-19 pandemic 5564:Tulip mania crash 5555:Kipper und Wipper 5532:(c. 1400–c. 1500) 5221:. 13 August 2009. 4850:978-3-031-11914-9 4784:978-3-031-11914-9 4269:, 2 October 2008. 3895:, 5th ed. Wiley, 3802:Williams, Mark T. 3787:978-0-16-081376-4 3668:978-0-203-89052-3 3660:978-0-415-46951-7 3640:978-0-203-88477-5 3624:978-0-415-48190-8 3569:The Panic of 1819 3488:Martin Eichenbaum 3393:978-0-9556554-3-2 3303:, Princeton, NJ: 3220:978-3-031-11914-9 3192:978-0-14-311617-2 3162:978-0-691-14216-6 3091:978-1-4039-3651-6 2464:& now as the 2218:), by economists 2090:positive feedback 2084:Coordination game 1852:Austrian theories 1829:flight to quality 1676:, has blamed the 1568:sovereign default 1311:sovereign default 1285:Sovereign default 1028: 1027: 865: 864: 792:Political economy 747:N. Gregory Mankiw 737:Thomas J. Sargent 582:Market monetarism 396:Endogenous growth 226:National accounts 16:(Redirected from 6833: 6826:Economic bubbles 6816:Financial crises 6791: 6784: 6777: 6770: 6755: 6748: 6741: 6734: 6726: 6719: 6712: 6702: 6695: 6688: 6681: 6674: 6666: 6658: 6650: 6642: 6635: 6627: 6619: 6612: 6605: 6598: 6591: 6583: 6576: 6568: 6561: 6554: 6547: 6540: 6532: 6524: 6517: 6510: 6486: 6479: 6472: 6465: 6458: 6451: 6444: 6437: 6430: 6423: 6416: 6409: 6402: 6395: 6388: 6381: 6374: 6367: 6360: 6338: 6330: 6323: 6316: 6308: 6301: 6294: 6287: 6280: 6273: 6265: 6257: 6249: 6242: 6235: 6228: 6221: 6214: 6206: 6199: 6192: 6184: 6177: 6169: 6162: 6155: 6148: 6141: 6133: 6125: 6118: 6111: 6103: 6095: 6088: 6081: 6074: 6066: 6052:Great Regression 6047:Great Moderation 6038: 6030: 6023: 6016: 6008: 6000: 5993: 5986: 5979: 5956: 5949: 5927: 5920: 5913: 5905: 5897: 5874: 5867: 5860: 5852: 5845: 5838: 5831: 5823: 5816: 5809: 5801: 5793: 5785: 5778: 5771: 5749: 5741: 5734: 5727: 5718: 5711: 5704: 5685: 5678: 5671: 5664: 5656: 5649: 5642: 5635: 5628: 5620: 5613: 5605: 5583: 5575: 5567: 5559: 5549: 5541: 5533: 5510: 5488: 5481: 5474: 5465: 5458: 5451: 5444: 5437: 5435:Liquidity crisis 5430: 5423: 5414: 5412:Social contagion 5407: 5400: 5393: 5386: 5379: 5372: 5365: 5358: 5344:Financial crises 5337: 5330: 5323: 5314: 5313: 5291: 5290: 5242: 5236: 5229: 5223: 5222: 5211: 5205: 5204: 5202: 5200: 5185: 5179: 5173: 5167: 5166: 5164: 5162: 5142: 5136: 5135: 5109: 5100: 5094: 5093: 5075: 5066: 5060: 5059: 5033: 5024: 5018: 5017: 4981: 4975: 4974: 4954: 4948: 4947: 4919: 4913: 4906: 4900: 4895:, Paul Krugman, 4883: 4877: 4876: 4870: 4862: 4834: 4828: 4817: 4811: 4810: 4804: 4796: 4768: 4762: 4755: 4749: 4748: 4731: 4725: 4712: 4706: 4705: 4685: 4679: 4678: 4658: 4649: 4648: 4628: 4622: 4605: 4599: 4592: 4586: 4583: 4577: 4574: 4568: 4565: 4559: 4549: 4543: 4540: 4534: 4528: 4522: 4515: 4509: 4508: 4482: 4473: 4464: 4463: 4437: 4428: 4417: 4416: 4390: 4381: 4375: 4374: 4346: 4340: 4333: 4327: 4315: 4309: 4308: 4276: 4270: 4263: 4257: 4242: 4236: 4235: 4215: 4209: 4208: 4203: 4201: 4175: 4169: 4168: 4151: 4145: 4130: 4124: 4117: 4111: 4110: 4108: 4106: 4087: 4078: 4077: 4075: 4051: 4045: 4044: 4028: 4022: 4021: 4003: 3983: 3974: 3973: 3962:10.1038/4551181a 3947: 3923: 3917: 3910: 3904: 3889: 3875: 3869: 3864: 3862: 3854: 3841: 3835: 3831: 3829: 3821: 3767:Takis Fotopoulos 3732: 3726: 3721: 3719: 3711: 3486:Craig Burnside, 3357: 3331: 3297:Stephen H. Haber 3282: 3246: 3240: 3232: 3196: 3180: 3166: 3150: 3137:Reinhart, Carmen 2974: 2969: 2968: 2967: 2960: 2955: 2954: 2953: 2936: 2935: 2923: 2922: 2895: 2894: 2882: 2881: 2869: 2868: 2856: 2855: 2843: 2842: 2830: 2829: 2817: 2816: 2804: 2803: 2791: 2790: 2778: 2777: 2753: 2752: 2734: 2733: 2714: 2713: 2693: 2692: 2670: 2669: 2635: 2634: 2584:: United Kingdom 2566:Great Depression 2556:Great Depression 2462:Great Depression 2336:South Sea Bubble 2291:Byzantine Empire 2239:of currency and 2200:South Sea Bubble 2174:financial system 1941:Kondratiev waves 1901:John Stuart Mill 1879:Crisis (Marxian) 1873:Marxist theories 1754: 1601:South Sea Bubble 1383:Great Depression 1253:South Sea Bubble 1184:Liquidity crisis 1032:financial crisis 1020: 1013: 1006: 953:Financial crisis 948:Economic miracle 934:Economics events 925:Social democracy 880:Economic history 867: 866: 857: 850: 843: 827: 826: 817:Money portal 815: 814: 813: 727:William Nordhaus 712:Robert Lucas Jr. 602:François Quesnay 238:Nominal rigidity 209:Demand for money 187:Microfoundations 123:Financial crisis 103:Effective demand 73:Aggregate supply 68:Aggregate demand 55: 32: 31: 21: 18:Financial crises 6841: 6840: 6836: 6835: 6834: 6832: 6831: 6830: 6801: 6800: 6799: 6794: 6787: 6780: 6773: 6766: 6758: 6751: 6744: 6737: 6729: 6722: 6715: 6707: 6698: 6691: 6684: 6677: 6669: 6661: 6653: 6645: 6638: 6630: 6622: 6615: 6608: 6601: 6594: 6586: 6579: 6571: 6564: 6557: 6550: 6543: 6535: 6527: 6520: 6513: 6506: 6499: 6497:Information Age 6491: 6482: 6475: 6468: 6461: 6454: 6447: 6440: 6433: 6426: 6419: 6412: 6405: 6398: 6391: 6384: 6377: 6370: 6363: 6356: 6349: 6347:Great Recession 6341: 6333: 6326: 6319: 6311: 6304: 6297: 6290: 6283: 6276: 6268: 6260: 6252: 6245: 6238: 6231: 6224: 6217: 6209: 6202: 6195: 6187: 6180: 6172: 6165: 6158: 6151: 6144: 6136: 6128: 6121: 6114: 6106: 6098: 6091: 6084: 6077: 6069: 6061: 6054: 6050: 6041: 6033: 6028:1979 oil crisis 6026: 6019: 6011: 6003: 5996: 5989: 5984:1973 oil crisis 5982: 5974: 5967: 5965:Great Inflation 5959: 5952: 5945: 5938: 5930: 5923: 5916: 5908: 5900: 5892: 5885: 5883:Interwar period 5877: 5870: 5863: 5855: 5848: 5841: 5834: 5826: 5819: 5812: 5804: 5796: 5788: 5781: 5774: 5767: 5760: 5752: 5744: 5737: 5730: 5723: 5714: 5707: 5699: 5688: 5681: 5674: 5667: 5659: 5652: 5645: 5638: 5631: 5623: 5616: 5608: 5601: 5594: 5586: 5578: 5570: 5562: 5552: 5544: 5536: 5528: 5521: 5513: 5505: 5491: 5484: 5477: 5470: 5461: 5454: 5447: 5440: 5433: 5426: 5419: 5410: 5403: 5396: 5389: 5384:Currency crisis 5382: 5375: 5368: 5361: 5354: 5346: 5341: 5299: 5294: 5243: 5239: 5230: 5226: 5213: 5212: 5208: 5198: 5196: 5187: 5186: 5182: 5174: 5170: 5160: 5158: 5143: 5139: 5107: 5101: 5097: 5073: 5067: 5063: 5042:(5): 992–1026. 5031: 5025: 5021: 4998:10.2307/2118364 4982: 4978: 4955: 4951: 4936:10.2307/1991793 4920: 4916: 4907: 4903: 4893:Wayback Machine 4884: 4880: 4864: 4863: 4851: 4835: 4831: 4818: 4814: 4798: 4797: 4785: 4769: 4765: 4756: 4752: 4746: 4732: 4728: 4722:Wayback Machine 4713: 4709: 4686: 4682: 4659: 4652: 4629: 4625: 4615:Wayback Machine 4606: 4602: 4593: 4589: 4584: 4580: 4575: 4571: 4566: 4562: 4558:, 17 July 2003. 4550: 4546: 4541: 4537: 4529: 4525: 4516: 4512: 4480: 4474: 4467: 4435: 4429: 4420: 4405:10.2307/1885539 4388: 4382: 4378: 4347: 4343: 4334: 4330: 4325:Wayback Machine 4316: 4312: 4277: 4273: 4264: 4260: 4243: 4239: 4216: 4212: 4199: 4197: 4176: 4172: 4153: 4152: 4148: 4131: 4127: 4118: 4114: 4104: 4102: 4089: 4088: 4081: 4052: 4048: 4029: 4025: 3984: 3977: 3924: 3920: 3911: 3907: 3890: 3886: 3882: 3867: 3865: 3856: 3855: 3833: 3832: 3823: 3822: 3818: 3724: 3722: 3713: 3712: 3677: 3608: 3563: 3462: 3409:Didier Sornette 3377: 3329: 3253: 3234: 3233: 3221: 3193: 3171:Ferguson, Niall 3163: 3155:. p. 496. 3141:Rogoff, Kenneth 3126:Hyman P. Minsky 3066: 3061: 3056: 3025: 2970: 2965: 2963: 2956: 2951: 2949: 2946: 2930: 2917: 2889: 2876: 2863: 2850: 2837: 2824: 2811: 2798: 2785: 2772: 2747: 2728: 2724: 2708: 2687: 2678:Black Wednesday 2664: 2629: 2601:Mexican Weekend 2573:1973 oil crisis 2518: 2506:silver reserves 2466:Long Depression 2425:boom. Also see 2385: 2249: 2220:Carmen Reinhart 2192: 2182: 2170: 2164: 2139: 2131:Main articles: 2129: 2086: 2080: 2040: 1974:has proposed a 1969: 1967:Minsky's theory 1881: 1875: 1863:Austrian School 1860: 1854: 1849: 1817: 1800: 1771: 1763:Main articles: 1761: 1752: 1745:Lehman Brothers 1689:Basel II Accord 1647: 1645:Bank regulation 1639:Main articles: 1637: 1586: 1578:Main articles: 1576: 1560:short-term debt 1544: 1538: 1504: 1498: 1430: 1422:Main articles: 1420: 1415: 1392:Milton Friedman 1356: 1348:Main articles: 1346: 1330:Asia in 1997–98 1299:currency crisis 1287: 1277:Currency crisis 1275:Main articles: 1273: 1241:Long Depression 1220: 1186: 1168:Economic bubble 1166:Main articles: 1164: 1143: 1137: 1135:Currency crisis 1131: 1129:Currency crisis 1121:and the run on 1096: 1090: 1085: 1057:currency crises 1024: 995: 962: 929: 861: 821: 811: 809: 802: 801: 760: 752: 751: 732:Joseph Stiglitz 692:Milton Friedman 672:Friedrich Hayek 597: 587: 586: 469: 459: 458: 429: 421: 420: 406:Mundell–Fleming 401:Matching theory 339:Keynesian cross 324: 316: 315: 286: 278: 277: 63: 28: 23: 22: 15: 12: 11: 5: 6839: 6829: 6828: 6823: 6818: 6813: 6796: 6795: 6793: 6792: 6785: 6778: 6771: 6763: 6760: 6759: 6757: 6756: 6749: 6742: 6735: 6733:(2022–present) 6727: 6720: 6713: 6711:(2020–present) 6705: 6704: 6703: 6696: 6689: 6675: 6673:(2019–present) 6667: 6665:(2019–present) 6659: 6657:(2018–present) 6651: 6643: 6636: 6628: 6620: 6613: 6606: 6599: 6592: 6584: 6577: 6575:(2013–present) 6569: 6562: 6555: 6548: 6541: 6539:(2011–present) 6533: 6531:(2010–present) 6525: 6518: 6511: 6503: 6501: 6500:(2009–present) 6493: 6492: 6490: 6489: 6488: 6487: 6480: 6473: 6466: 6459: 6452: 6445: 6438: 6431: 6424: 6417: 6410: 6403: 6396: 6389: 6382: 6375: 6368: 6365:September 2008 6353: 6351: 6343: 6342: 6340: 6339: 6337:(2007–present) 6331: 6324: 6317: 6309: 6302: 6295: 6288: 6281: 6274: 6266: 6258: 6250: 6243: 6236: 6229: 6222: 6215: 6207: 6200: 6193: 6185: 6178: 6170: 6163: 6156: 6149: 6142: 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3416: 3406: 3398:Charles Mackay 3395: 3376: 3373: 3372: 3371: 3368: 3358: 3346:10.1086/261155 3340:(3): 401–419. 3322: 3315: 3308: 3290: 3283: 3271:10.1086/262109 3252: 3251:Banking crises 3249: 3248: 3247: 3219: 3206: 3197: 3191: 3167: 3161: 3133: 3128:(1986, 2008), 3123: 3094: 3076: 3065: 3062: 3060: 3057: 3055: 3054: 3049: 3042: 3037: 3031: 3024: 3023: 3018: 3013: 3008: 3003: 2998: 2993: 2988: 2983: 2977: 2976: 2975: 2961: 2945: 2942: 2941: 2940: 2927: 2914: 2911:Black Thursday 2899: 2886: 2873: 2860: 2847: 2834: 2821: 2808: 2795: 2782: 2769: 2763: 2761:dot-com bubble 2757: 2744: 2738: 2723: 2720: 2719: 2718: 2705: 2698: 2684: 2674: 2661: 2656: 2646: 2639: 2626: 2621: 2614: 2609: 2603: 2593: 2579: 2569: 2559: 2549: 2542: 2536: 2531: 2525: 2517: 2514: 2513: 2512: 2491: 2486: 2480: 2474: 2468: 2455: 2449: 2439: 2436:interconnected 2429: 2416: 2406: 2400: 2394: 2391: 2384: 2381: 2380: 2379: 2373: 2367: 2363: 2360:Crisis of 1772 2357: 2346:Crisis of 1763 2343: 2332: 2310:Spanish Empire 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201: 200: 199: 189: 184: 183: 182: 177: 172: 162: 160:Liquidity trap 157: 152: 147: 146: 145: 140: 130: 125: 120: 119: 118: 113: 105: 100: 95: 90: 85: 80: 78:Business cycle 75: 70: 64: 62:Basic concepts 61: 60: 57: 56: 48: 47: 45:Macroeconomics 41: 40: 26: 9: 6: 4: 3: 2: 6838: 6827: 6824: 6822: 6821:Systemic risk 6819: 6817: 6814: 6812: 6809: 6808: 6806: 6790: 6786: 6783: 6779: 6776: 6772: 6769: 6765: 6764: 6761: 6754: 6750: 6747: 6743: 6740: 6736: 6732: 6728: 6725: 6721: 6718: 6714: 6710: 6706: 6701: 6697: 6694: 6690: 6687: 6683: 6682: 6680: 6676: 6672: 6668: 6664: 6660: 6656: 6652: 6648: 6644: 6641: 6637: 6633: 6629: 6625: 6621: 6618: 6614: 6611: 6607: 6604: 6600: 6597: 6593: 6589: 6585: 6582: 6578: 6574: 6570: 6567: 6563: 6560: 6556: 6553: 6549: 6546: 6542: 6538: 6534: 6530: 6526: 6523: 6519: 6516: 6512: 6509: 6505: 6504: 6502: 6498: 6494: 6485: 6481: 6478: 6474: 6471: 6467: 6464: 6460: 6457: 6453: 6450: 6446: 6443: 6439: 6436: 6432: 6429: 6425: 6422: 6418: 6415: 6411: 6408: 6404: 6401: 6397: 6394: 6390: 6387: 6386:December 2008 6383: 6380: 6379:November 2008 6376: 6373: 6369: 6366: 6362: 6361: 6359: 6355: 6354: 6352: 6348: 6344: 6336: 6332: 6329: 6325: 6322: 6318: 6314: 6310: 6307: 6303: 6300: 6296: 6293: 6289: 6286: 6282: 6279: 6275: 6271: 6267: 6263: 6259: 6255: 6251: 6248: 6244: 6241: 6237: 6234: 6230: 6227: 6223: 6220: 6216: 6212: 6208: 6205: 6201: 6198: 6194: 6190: 6186: 6183: 6179: 6175: 6171: 6168: 6164: 6161: 6157: 6154: 6150: 6147: 6143: 6139: 6135: 6131: 6127: 6124: 6120: 6117: 6113: 6109: 6105: 6101: 6097: 6094: 6090: 6087: 6083: 6080: 6076: 6072: 6068: 6064: 6060: 6059: 6057: 6053: 6048: 6044: 6036: 6032: 6029: 6025: 6022: 6018: 6014: 6010: 6006: 6002: 5999: 5995: 5992: 5988: 5985: 5981: 5977: 5973: 5972: 5970: 5966: 5962: 5955: 5951: 5948: 5944: 5943: 5941: 5937: 5933: 5926: 5925:Panic of 1930 5922: 5919: 5915: 5911: 5907: 5903: 5899: 5895: 5891: 5890: 5888: 5884: 5880: 5873: 5869: 5866: 5862: 5858: 5854: 5851: 5850:Panic of 1907 5847: 5844: 5843:Panic of 1901 5840: 5837: 5836:Panic of 1896 5833: 5829: 5825: 5822: 5818: 5815: 5814:Panic of 1893 5811: 5807: 5803: 5799: 5798:Baring crisis 5795: 5791: 5790:Arendal crash 5787: 5784: 5783:Panic of 1884 5780: 5777: 5773: 5770: 5769:Panic of 1873 5766: 5765: 5763: 5759: 5755: 5747: 5743: 5740: 5739:Panic of 1866 5736: 5733: 5732:Panic of 1857 5729: 5726: 5725:Panic of 1847 5722: 5717: 5713: 5710: 5706: 5705: 5702: 5698: 5697: 5695: 5691: 5684: 5683:Panic of 1837 5680: 5677: 5676:Panic of 1825 5673: 5670: 5669:Panic of 1819 5666: 5662: 5658: 5655: 5651: 5648: 5644: 5641: 5640:Panic of 1792 5637: 5634: 5630: 5626: 5622: 5619: 5615: 5611: 5607: 5604: 5600: 5599: 5597: 5593: 5589: 5581: 5577: 5573: 5569: 5565: 5561: 5557: 5556: 5551: 5547: 5543: 5539: 5535: 5531: 5527: 5526: 5524: 5520: 5516: 5508: 5504: 5503: 5501: 5499: 5494: 5487: 5483: 5480: 5479:Social crisis 5476: 5473: 5472:Minsky moment 5469: 5464: 5460: 5457: 5453: 5450: 5446: 5443: 5439: 5438: 5436: 5432: 5429: 5425: 5422: 5418: 5413: 5409: 5408: 5406: 5402: 5399: 5398:Energy crisis 5395: 5392: 5388: 5385: 5381: 5378: 5374: 5371: 5370:Credit crunch 5367: 5364: 5360: 5357: 5353: 5352: 5349: 5345: 5338: 5333: 5331: 5326: 5324: 5319: 5318: 5315: 5308: 5304: 5301: 5300: 5288: 5284: 5280: 5276: 5272: 5268: 5264: 5260: 5256: 5252: 5248: 5241: 5234: 5228: 5220: 5219:The Economist 5216: 5210: 5194: 5190: 5184: 5177: 5172: 5156: 5152: 5148: 5141: 5133: 5129: 5125: 5121: 5117: 5113: 5106: 5099: 5091: 5087: 5083: 5079: 5072: 5065: 5057: 5053: 5049: 5045: 5041: 5037: 5030: 5023: 5015: 5011: 5007: 5003: 4999: 4995: 4991: 4987: 4980: 4972: 4968: 4964: 4960: 4953: 4945: 4941: 4937: 4933: 4929: 4925: 4918: 4911: 4905: 4898: 4894: 4890: 4887: 4882: 4874: 4868: 4860: 4856: 4852: 4846: 4842: 4841: 4833: 4826: 4822: 4816: 4808: 4802: 4794: 4790: 4786: 4780: 4776: 4775: 4767: 4760: 4754: 4747: 4745:9780230104013 4741: 4737: 4730: 4723: 4719: 4716: 4711: 4703: 4699: 4695: 4691: 4684: 4676: 4672: 4668: 4664: 4657: 4655: 4646: 4642: 4638: 4634: 4627: 4620: 4616: 4612: 4609: 4604: 4597: 4591: 4582: 4573: 4564: 4557: 4556:The Economist 4553: 4548: 4539: 4532: 4527: 4520: 4514: 4506: 4502: 4498: 4494: 4490: 4486: 4479: 4472: 4470: 4461: 4457: 4453: 4449: 4445: 4441: 4434: 4427: 4425: 4423: 4414: 4410: 4406: 4402: 4398: 4394: 4387: 4380: 4372: 4368: 4364: 4360: 4356: 4352: 4345: 4338: 4332: 4326: 4322: 4319: 4314: 4306: 4302: 4298: 4294: 4290: 4286: 4282: 4275: 4268: 4267:The Economist 4262: 4255: 4254:0-691-00354-8 4251: 4247: 4241: 4233: 4229: 4225: 4221: 4214: 4207: 4195: 4191: 4187: 4186: 4181: 4174: 4166: 4162: 4161: 4156: 4150: 4143: 4142:0-262-57153-6 4139: 4136:. MIT Press, 4135: 4129: 4122: 4116: 4100: 4096: 4092: 4086: 4084: 4074: 4069: 4065: 4061: 4057: 4050: 4042: 4038: 4034: 4027: 4019: 4015: 4011: 4007: 4002: 3997: 3993: 3989: 3982: 3980: 3971: 3967: 3963: 3959: 3955: 3951: 3946: 3941: 3937: 3933: 3929: 3922: 3915: 3909: 3902: 3901:0-471-46714-6 3898: 3894: 3888: 3884: 3873: 3860: 3852: 3848: 3843: 3839: 3827: 3819: 3817:9780071749046 3813: 3809: 3808: 3803: 3799: 3797: 3795: 3791: 3788: 3784: 3779: 3775: 3772: 3768: 3764: 3761: 3758: 3757:0-393-07101-4 3754: 3750: 3749: 3744: 3741: 3738: 3734: 3730: 3717: 3709: 3705: 3700: 3697: 3694: 3691: 3690:0-691-13929-6 3687: 3683: 3679: 3678: 3669: 3665: 3661: 3657: 3652: 3649: 3648:0-203-88477-9 3645: 3641: 3637: 3633: 3632:0-415-48190-2 3629: 3625: 3621: 3617: 3614: 3610: 3609: 3600: 3596: 3593: 3589: 3586: 3582: 3579: 3578: 3573: 3571: 3570: 3565: 3564: 3555: 3551: 3548: 3544: 3542: 3538: 3535: 3531: 3528: 3524: 3521: 3517: 3514: 3510: 3506: 3503: 3500: 3496: 3493: 3489: 3485: 3482: 3478: 3475: 3471: 3467: 3464: 3463: 3454: 3453:0-19-829698-3 3450: 3446: 3442: 3440: 3439: 3434: 3431: 3427: 3424: 3421: 3417: 3414: 3410: 3407: 3405: 3404: 3399: 3396: 3394: 3390: 3386: 3382: 3379: 3378: 3369: 3366: 3362: 3359: 3355: 3351: 3347: 3343: 3339: 3335: 3328: 3323: 3320: 3316: 3313: 3309: 3306: 3302: 3298: 3294: 3291: 3288: 3284: 3280: 3276: 3272: 3268: 3264: 3260: 3255: 3254: 3244: 3238: 3230: 3226: 3222: 3216: 3212: 3207: 3204: 3203: 3198: 3194: 3188: 3184: 3179: 3178: 3172: 3168: 3164: 3158: 3154: 3149: 3148: 3142: 3138: 3134: 3131: 3127: 3124: 3122: 3118: 3114: 3110: 3106: 3105:1-59033-346-2 3102: 3099: 3095: 3092: 3088: 3084: 3080: 3077: 3074: 3073: 3068: 3067: 3053: 3050: 3048: 3047: 3043: 3041: 3038: 3036: 3033: 3032: 3030: 3029: 3022: 3019: 3017: 3014: 3012: 3009: 3007: 3004: 3002: 2999: 2997: 2994: 2992: 2989: 2987: 2984: 2982: 2979: 2978: 2973: 2962: 2959: 2948: 2939: 2934: 2928: 2926: 2921: 2915: 2912: 2908: 2904: 2900: 2898: 2893: 2887: 2885: 2880: 2874: 2872: 2867: 2861: 2859: 2854: 2848: 2846: 2841: 2835: 2833: 2828: 2822: 2820: 2815: 2809: 2807: 2802: 2796: 2794: 2789: 2783: 2781: 2776: 2770: 2768: 2764: 2762: 2758: 2756: 2751: 2745: 2743: 2739: 2737: 2732: 2726: 2725: 2717: 2712: 2706: 2703: 2699: 2696: 2691: 2685: 2683: 2679: 2675: 2673: 2668: 2662: 2660: 2657: 2655: 2651: 2647: 2644: 2640: 2638: 2633: 2627: 2625: 2622: 2619: 2615: 2613: 2610: 2608: 2604: 2602: 2598: 2594: 2588: 2583: 2580: 2578: 2574: 2570: 2567: 2563: 2560: 2557: 2553: 2550: 2547: 2543: 2541: 2537: 2535: 2532: 2529: 2528:Panic of 1907 2526: 2523: 2522:Panic of 1901 2520: 2519: 2511: 2510:gold standard 2507: 2503: 2502:United States 2499: 2495: 2494:Panic of 1896 2492: 2490: 2487: 2484: 2483:Panic of 1893 2481: 2478: 2477:Panic of 1890 2475: 2472: 2471:Panic of 1884 2469: 2467: 2463: 2459: 2458:Panic of 1873 2456: 2453: 2450: 2447: 2443: 2442:Panic of 1866 2440: 2437: 2433: 2432:Panic of 1857 2430: 2428: 2424: 2420: 2419:Panic of 1847 2417: 2414: 2410: 2409:Panic of 1837 2407: 2404: 2403:Panic of 1825 2401: 2398: 2397:Panic of 1819 2395: 2392: 2390: 2387: 2386: 2377: 2374: 2371: 2370:Panic of 1792 2368: 2364: 2361: 2358: 2355: 2351: 2347: 2344: 2341: 2337: 2333: 2330: 2326: 2322: 2321: 2320: 2317: 2315: 2312:, four under 2311: 2307: 2303: 2298: 2296: 2292: 2288: 2284: 2280: 2272: 2268: 2261: 2258: 2253: 2244: 2242: 2238: 2233: 2230:– default on 2229: 2225: 2221: 2217: 2213: 2205: 2201: 2196: 2191: 2187: 2177: 2175: 2169: 2159: 2157: 2151: 2149: 2143: 2138: 2134: 2133:Herd behavior 2124: 2122: 2118: 2114: 2110: 2105: 2103: 2099: 2095: 2091: 2085: 2075: 2071: 2069: 2063: 2061: 2057: 2053: 2049: 2045: 2035: 2032: 2026: 2023: 2019: 2015: 2011: 2002: 1999: 1996: 1995: 1994: 1992: 1988: 1985: 1981: 1977: 1973: 1964: 1962: 1958: 1954: 1950: 1946: 1942: 1938: 1934: 1929: 1925: 1923: 1918: 1912: 1910: 1906: 1902: 1898: 1894: 1890: 1889:crisis theory 1886: 1880: 1870: 1868: 1864: 1859: 1844: 1842: 1838: 1834: 1830: 1826: 1822: 1812: 1810: 1806: 1805:credit crunch 1795: 1793: 1789: 1784: 1782: 1781:systemic risk 1777: 1776: 1770: 1769:Systemic risk 1766: 1756: 1753:recent crisis 1750: 1746: 1742: 1738: 1734: 1730: 1725: 1724:rogue traders 1720: 1718: 1714: 1710: 1706: 1705:Charles Ponzi 1702: 1697: 1693: 1690: 1685: 1683: 1679: 1675: 1671: 1666: 1664: 1660: 1656: 1652: 1646: 1642: 1632: 1629: 1624: 1622: 1618: 1614: 1613:Crash of 1929 1610: 1606: 1602: 1598: 1593: 1591: 1585: 1584:Herd behavior 1581: 1571: 1569: 1563: 1561: 1557: 1553: 1549: 1543: 1533: 1531: 1527: 1526:margin buying 1523: 1518: 1516: 1512: 1508: 1503: 1493: 1491: 1486: 1481: 1476: 1474: 1470: 1466: 1462: 1457: 1455: 1451: 1447: 1443: 1439: 1435: 1429: 1425: 1410: 1408: 1404: 1403:crash of 1929 1400: 1397: 1396:Anna Schwartz 1393: 1388: 1384: 1375: 1371: 1369: 1365: 1361: 1355: 1351: 1341: 1339: 1335: 1331: 1327: 1322: 1320: 1316: 1312: 1308: 1304: 1300: 1296: 1292: 1286: 1282: 1278: 1268: 1266: 1262: 1258: 1254: 1250: 1242: 1238: 1237:Panic of 1873 1233: 1229: 1226: 1219: 1215: 1211: 1207: 1206:Minsky moment 1203: 1199: 1195: 1191: 1185: 1181: 1180:Credit crunch 1177: 1173: 1169: 1159: 1157: 1153: 1149: 1142: 1136: 1126: 1124: 1123:Northern Rock 1120: 1115: 1113: 1112:banking panic 1109: 1105: 1101: 1095: 1080: 1078: 1072: 1070: 1066: 1062: 1058: 1054: 1050: 1046: 1042: 1038: 1033: 1021: 1016: 1014: 1009: 1007: 1002: 1001: 999: 998: 992: 989: 987: 984: 982: 979: 977: 974: 973: 971: 970: 966: 965: 959: 956: 954: 951: 949: 946: 944: 941: 940: 938: 937: 933: 932: 926: 923: 921: 918: 916: 913: 911: 908: 906: 903: 901: 898: 896: 893: 892: 890: 889: 885: 884: 881: 878: 877: 873: 869: 868: 858: 853: 851: 846: 844: 839: 838: 836: 835: 830: 825: 820: 818: 808: 807: 806: 805: 798: 795: 793: 790: 788: 785: 781: 778: 777: 776: 773: 771: 768: 766: 763: 762: 756: 755: 748: 745: 743: 740: 738: 735: 733: 730: 728: 725: 723: 722:Peter Diamond 720: 718: 715: 713: 710: 708: 707:Edmund Phelps 705: 703: 700: 698: 695: 693: 690: 688: 685: 683: 682:Richard Stone 680: 678: 675: 673: 670: 668: 667:Joan Robinson 665: 663: 662:Simon Kuznets 660: 658: 657:Gunnar Myrdal 655: 653: 650: 648: 645: 643: 640: 638: 635: 633: 632:Irving Fisher 630: 628: 627:Knut Wicksell 625: 623: 620: 618: 615: 613: 610: 608: 605: 603: 600: 599: 596: 591: 590: 583: 580: 578: 575: 573: 570: 566: 563: 562: 561: 558: 556: 553: 549: 546: 545: 544: 541: 539: 536: 535: 534: 533: 527: 524: 522: 519: 517: 514: 512: 509: 505: 502: 501: 500: 499:New classical 497: 495: 492: 488: 485: 483: 480: 479: 478: 475: 474: 473: 468: 463: 462: 455: 452: 450: 447: 445: 442: 440: 437: 435: 432: 431: 425: 424: 417: 414: 412: 409: 407: 404: 402: 399: 397: 394: 390: 387: 386: 385: 382: 380: 377: 375: 372: 370: 367: 365: 362: 360: 357: 355: 352: 350: 347: 345: 342: 340: 337: 335: 332: 330: 327: 326: 320: 319: 312: 309: 307: 304: 302: 299: 297: 294: 292: 289: 288: 282: 281: 274: 271: 269: 266: 264: 261: 259: 256: 254: 253:Shrinkflation 251: 249: 246: 244: 241: 239: 236: 232: 229: 228: 227: 224: 222: 219: 215: 212: 211: 210: 207: 205: 202: 198: 195: 194: 193: 190: 188: 185: 181: 178: 176: 173: 171: 168: 167: 166: 163: 161: 158: 156: 153: 151: 150:Interest rate 148: 144: 141: 139: 136: 135: 134: 131: 129: 126: 124: 121: 117: 114: 112: 109: 108: 107:Expectations 106: 104: 101: 99: 96: 94: 91: 89: 86: 84: 81: 79: 76: 74: 71: 69: 66: 65: 59: 58: 54: 50: 49: 46: 43: 42: 38: 34: 33: 30: 19: 6372:October 2008 6254:Samba effect 6110:(1987–2000s) 6005:Steel crisis 5828:Black Monday 5806:Encilhamento 5746:Black Friday 5553: 5509:(235–284 CE) 5377:Credit cycle 5343: 5254: 5250: 5240: 5232: 5227: 5218: 5209: 5197:. 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