Paul Kosmetatos The 1772-3 British Credit Crisis 9783319709079

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Автор: Paul Kosmetatos
Название: The 1772-3 British Credit Crisis
ISBN: 9783319709079
Издательство: Springer
Классификация:

Экономические и финансовые кризисы и катастрофы

Экономическая история

Финансы

ISBN-10: 3319709070
Обложка/Формат: Hardcover
Вес: 0.73 кг.
Дата издания: 03.04.2018
Серия: Palgrave Studies in the History of Finance
Язык: English
Издание: 1st ed. 2018
Иллюстрации: 5 illustrations, color; 85 illustrations, black and white; approx. 275 p. 90 illus., 5 illus. in color.
Размер: 210 x 148 x 29
Читательская аудитория: Professional & vocational
Основная тема: Finance
Ссылка на Издательство: Link
Рейтинг:
Поставляется из: Германии
Описание:

Nowadays remembered mostly through Adam Smiths references to the short-lived Ayr Bank in the Wealth of Nations, the 1772-3 financial crisis was an important historical episode in its own right, taking place during a pivotal period in the development of financial capitalism and coinciding with the start of the traditional industrialisation narrative. It was also one of the earliest purely financial crises occurring in peacetime, and its progress showed an impressive geographical reach, involving England, Scotland, the Netherlands and the North American colonies.

This book uses a variety of previously unpublished archival sources to question the bubble narrative usually associated with this crisis, and to identify the mechanisms of financial contagion that allowed the failure of a small private bank in London to cause rapid and severe distress throughout the 18th century financial system. It re-examines the short and turbulent career of the Ayr Bank, and concludes that its failure was the result of cavalier liability management akin to that of Northern Rock in 2007, rather than the poor asset quality alleged in existing literature. It furthermore argues that the Bank of Englands prompt efforts to contain the crisis are evidence of a Lender of Last Resort in action, some thirty years before the classical formulation of the concept by Henry Thornton.

The 1772-3 British Credit Crisis, Paul Kosmetatos