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The role of financial crises in history: Banking and debt crises since the 19th century

​Despite certain similarities, causes and forms of finance crises have repeatedly changed during the last two hundred years. The 19th century – the birth of modern banking crises - saw classical speculative crises, but also stable prices and currencies. The banking crises of the 1930s were preceded by economic and currency crises. Over the last decades a new type emerged: banking crises followed by debt crises resp. currency crises ("twin crises").

The lecture emphasizes the importance of economic and political environment. It depends on this framework, whether a banking crisis has the effect of a "cleansing thunderstorm" or evolves into a deep economic crisis.

Click here to access the full lecture (.pdf)

 


 To cite this article:

 

BÄHR(Johannes) (2013): The role of financial crises in history : Banking and debt crises since the 19th century. ESBG Perspectives n°66, pp. 11-28.

Financial History
Johannes Bähr
Extraordinary professor of economic and social history
Goethe-University, Frankfurt