By Garett Jones
Why do banks cave in? Are monetary structures extra fragile in contemporary many years? Can guidelines to mend the banking process do extra damage than reliable? what is the background of banking crises? With dozens of short, non-technical articles via economists and different researchers, Banking Crises deals solutions from varied scholarly viewpoints.
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Additional info for Banking Crises: Perspectives from the New Palgrave Dictionary of Economics
Note that if the dividend process follows a linear unit-root process (for example, a random walk), then the price process has a unit root as well. However the change in price, Δpt, and the spread between the price and the discounted expected dividend stream, pt − dt/r, are stationary under the no-bubbles hypothesis. That is, pt and dt/r are co-integrated. Diba and Grossman test this hypothesis using a series of unit root tests, autocorrelation patterns, and co-integration tests. They conclude that the no-bubble hypothesis cannot be rejected.
London: Financial Markets Group Research Centre, London School of Economics. Subsequently published in Economic Notes 31, 1–32. Howson, S. 1975. Domestic Monetary Management in Britain, 1919–38. Cambridge: Cambridge University Press. Bank of England 17 Radcliffe Report. 1959. Report: Committee on the Working of the Monetary System. Cmnd 827. London: HMSO. Reid, M. 1982. The Secondary Banking Crisis, 1973–75: Its Causes and Course. London: Macmillan. Richards, R. 1929. The Early History of Banking in England.
Regional bank distress was often localized and traceable to fundamental shocks to the values of bank loans. Not only does it appear that the failure of the Bank of United States had little effect on banks nationwide in 1930, one scholar has argued that there is evidence that the bank was, in fact, insolvent when it failed (Lucia, 1985). Other recent research on banking distress during the pre-Depression era has also de-emphasized inherent instability, and focused on the historical peculiarity of the US banking structure and panic experience, noted above.