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date: 16 October 2019

Abstract and Keywords

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 experience provide regarding the relevance of different theories of the origins of such crises, their consequences for the economy, their changing frequency over time, the potential role for lender-of-last resort assistance to ameliorate crises, and differences across countries in the propensity for crises.

Keywords: Banking crises, contagion, panics, fundamental shocks, Great Depression, lender of last resort

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