Bank panics, contagion and information

Date

1987

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Abstract

This dissertation is an examination of the free banking era in the United States. Recent empirical evidence (Rockoff 1975; Rolnick and Weber 1984) suggests that bank failures in this period were the result of specific features of the free banking laws and the failures were not related to the absence of a central bank. The evidence in this dissertation indicates the specific features of the free banking laws considered by others explain few bank failures. The finding suggests that the pattern of bank failures is largely explained by the contagious bank runs, which started for a variety of reasons.

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Keywords

Bank failures, United States, 19th century, Banks and banking

Citation