The First Global Credit Crisis

Stein Berre, Paul Kosmetatos and Asani Sarkar

No 202200627, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: June 2022 marks the 250th anniversary of the outbreak of the 1772-3 credit crisis. Although not widely known today, this was arguably the first “modern” global financial crisis in terms of the role that private-sector credit and financial products played in it, in the paths of financial contagion that propagated the initial shock, and in the way authorities intervened to stabilize markets. In this post, we describe these developments and note the parallels with modern financial crises.

Keywords: credit crisis; economic history; global credit (search for similar items in EconPapers)
JEL-codes: G01 (search for similar items in EconPapers)
Date: 2022-06-27
New Economics Papers: this item is included in nep-fdg and nep-his
References: Add references at CitEc
Citations:

Downloads: (external link)
https://libertystreeteconomics.newyorkfed.org/2022 ... lobal-credit-crisis/ Full text (text/html)

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:fip:fednls:94395

Ordering information: This working paper can be ordered from

Access Statistics for this paper

More papers in Liberty Street Economics from Federal Reserve Bank of New York Contact information at EDIRC.
Bibliographic data for series maintained by Gabriella Bucciarelli ().