haku: @freeterm Contagion / yhteensä: 16
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| Tekijä: | Schnabel, I. Shin, H. S. |
| Otsikko: | Liquidity and contagion: the crisis of 1763 |
| Lehti: | Journal of the European Economic Association
2004 : DEC, VOL. 2:6, p. 929-968 |
| Asiasana: | economic history financial crises liquidity Europe |
| Vapaa asiasana: | contagion |
| Kieli: | eng |
| Tiivistelmä: | The financial crises that swept across northern Europe in 1763 bears a strong resemblance to more recent episodes of financial distress. The combination of specific contractual arrangements at the time, interlocking credit relationships, and the high leverage of market participants triggered distress sales of assets, leading to a severe liquidity crisis. Hence, the crisis is an early instance of contagion on the asset side of the balance sheet. The salient features of the 1763 crisis are highlighted and a stylized model of the events is proposed. |
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