Panic in the plains: agricultural markets and the panic of 1893

Brandon Dupont ()

Cliometrica, Journal of Historical Economics and Econometric History, 2009, vol. 3, issue 1, 27-54

Abstract: Nearly every previous study of the 1893 bank panic acknowledges its regional concentration in the Western states yet few provide any in-depth study of what caused such a distinct regional pattern. Here, I recast the 1893 crisis as having its origins in agricultural markets and then spreading to Western banks that were highly exposed to agricultural shocks. Negative shocks to agricultural yields and the relative importance of the wheat crop for specific states emerge as important explanations for the regional pattern of bank closures and thus for the panic itself.

Keywords: Bank panic; Agricultural markets; Panic of 1893 (search for similar items in EconPapers)
JEL-codes: N11 N21 N51 (search for similar items in EconPapers)
Date: 2009
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