Journal Article


Morgan Kelly
Cormac Ó Gráda



g21 information behavior united states financial crises united states new york n21 consumer behavior united states social network market

Market contagion : evidence from the panics of 1854 and 1857 (2000)

Abstract To test a model of contagion--where individuals hear some bad news and communicate it to their acquaintances, who then pass it on, leading to a market panic--requires a knowledge of the information networks of participants, something hitherto unavailable. For two panics in the 1850s this paper examines the behavior of Irish depositors in a New York bank. As recent immigrants, their social network was determined largely by their place of origin in Ireland, and where they lived in New York. During both panics this social network turns out to be the prime determinant of behavior.
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

Morgan Kelly, Cormac Ó Gráda

Experts in our system

Morgan Kelly
University College Dublin
Total Publications: 37
Cormac Ó Gráda
University College Dublin
Total Publications: 193