Financial contagion and market intervention in the 1772-3 credit crisis

Paul Kosmetatos ()
Additional contact information
Paul Kosmetatos: Darwin College, Cambridge

No 21, Working Papers from Department of Economic and Social History at the University of Cambridge

Abstract: The 1772-3 credit crisis impressed its contemporaries for its suddenness, geographical range, and for arising during a time of relative peace and robust economic growth. It also arguably displayed an early instance of a Lender of Last Resort (LLR) in action, some thirty years before the classical articulation of the concept. This paper investigates whether financial contagion was at work in 1772-3, and describes its possible routes of transmission. It furthermore identifies the agents of market intervention, and discusses whether theirs was a conscious policy to limit systemic risk, or ad hoc improvisation in response to other considerations.

Keywords: Monetary economics; Financial markets and institutions; Financial crises (search for similar items in EconPapers)
Pages: 42 pages
Date: 2014-08-01
New Economics Papers: this item is included in nep-cba, nep-his, nep-hme, nep-hpe and nep-mac
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Published in Cambridge Working Paper in Economic & Social History, No. 21

Downloads: (external link)
http://www.econsoc.hist.cam.ac.uk/docs/CWPESHnumber21October2014.pdf None. (application/pdf)
None.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cmh:wpaper:21

Access Statistics for this paper

More papers in Working Papers from Department of Economic and Social History at the University of Cambridge Contact information at EDIRC.
Bibliographic data for series maintained by Guillaume Proffit () and Alexis Litvine ().