Type

Journal Article

Authors

Cormac Ó Gráda
Eugene N. White

Subjects

Economics

Topics
savings emigration asymmetric information financial crises history industrial mass consumer behavior banks and banking history

The panics of 1854 and 1857 : a view from the Emigration Industrial Savings Bank (2003)

Abstract Using records of individual depositors’ accounts, this article provides a detailed microeconomic analysis of two banking panics. The panics of 1854 and 1857 were not characterized by an immediate mass panic of depositors and had important time dimensions. We examine depositor behavior using a hazard model. Contagion was the key factor in 1854 but it created only a local panic. The 1857 panic began with runs by businessmen and banking sophisticates followed by less informed depositors. Evidence suggests that this panic was driven by informational shocks in the face of asymmetric information about the true condition of bank portfolios.
Collections Ireland -> University College Dublin -> School of Economics
Ireland -> University College Dublin -> College of Social Sciences and Law
Ireland -> University College Dublin -> Economics Research Collection

Full list of authors on original publication

Cormac Ó Gráda, Eugene N. White

Experts in our system

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Cormac Ó Gráda
University College Dublin
Total Publications: 179