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Bank Failures, the Great Depression, and Other “Contagious” Events*  

Charles W. Calomiris

Print publication date:
Nov 2014
Online publication date:
Apr 2015
This chapter reviews the history of banking crises, with particular emphasis on the experience of the United States during the Great Depression. It considers the perspectives historical ... More

Banking Crises: Those Hardy Perennials  

Gerard Caprio Jr and Patrick Honohan

Print publication date:
Nov 2014
Online publication date:
Apr 2015
The history of banking around the world has been punctuated by frequent systemic crises. As with Tolstoy’s “unhappy families,” not all crises are the same; distinct roles have been played ... More

The Evolution of Brazil’s Banking System  

Gustavo S. Cortes and Renato L. Marcondes

Print publication date:
Oct 2018
Online publication date:
Aug 2018
This chapter analyzes the origins and development of the Brazilian banking system from colonial times to the present day. It begins with a description of the first credit relationships ... More

Financial and Credit Markets  

Pekka Sutela

Print publication date:
Jul 2013
Online publication date:
Oct 2013
This chapter examines Russia’s nonbanking financial markets. After a turbulent beginning in the 1990s the economy monetized fast in the 2000s, and the Russian equity markets have become ... More

The Financial Crisis in the United Kingdom: Uncertainty, Calculation, and Error  

Anthony J. Evans

Print publication date:
Nov 2015
Online publication date:
Dec 2015
This chapter looks at the role of ignorance rather than incentive explanations (such as moral hazard) to explain the financial crisis in the United Kingdom. It uses empirical evidence to ... More

The Financial Crisis in the United States  

Steven Horwitz

Print publication date:
Nov 2015
Online publication date:
Dec 2015
The Austrian theory of the business cycle provides a necessary but not sufficient framework for understanding the intertemporal discoordination that caused the housing boom and bust and ... More

The Long History of Political Betting Markets: An International Perspective  

Paul Rhode and Koleman Strumpf

Print publication date:
Nov 2013
Online publication date:
Dec 2013
The conventional wisdom is that political futures markets are a recent invention. However, such markets have a long history in many Western countries. This chapter traces the operation of ... More

Resource Allocation by the Banking System  

Stefano Battilossi, Alfredo Gigliobianco, Giuseppe Marinelli, and With The Cooperation Of Sandra Natoli and Ivan Triglia

Print publication date:
Mar 2013
Online publication date:
Sep 2013
In Italy's bank-oriented financial system, bank credit is the most important source of external finance for firms. The allocative efficiency of banks is therefore a critical element ... More

Sovereign Debt Crises  

Ricardo Correa and Horacia Sapriza

Print publication date:
Nov 2014
Online publication date:
Apr 2015
Sovereign debt crises have occurred frequently over the past two centuries. In recent years, the timing of sovereign crises has coincided with or directly followed banking crises. The link ... More

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