Suchergebnisse

"An important literature on comparative long-run economic growth focuses on financial development. This work in economic history strongly complements the extensive empirical research by King and Levine (1993) and many others who have established a strong connection between financial development and subsequent economic growth. Rousseau and Sylla (2003) develop the concept of financial revolutions. They argue based on the history of the Netherlands, Great Britain, the United States, France, Germany and Japan, that these countries grew rapidly after financial revolutions which created "good" financial systems. Such systems have five key components: sound public finance and public debt management; a stable monetary regime; a banking system; a central bank; and well- functioning securities markets"--

A letter report issued by the General Accounting Office with an abstract that begins "Building on reform initiatives instituted after the Mexican financial crisis, the IMF implemented new initiatives in the mid-1990s to better anticipate, prevent, and resolve sovereign financial crises. GAO was asked to assess (1) the IMF's framework for anticipating financial crises, (2) the status of key IMF reform initiatives to prevent financial crises, and (3) new IMF proposals to resolve future financial crises."

In the spring of 1837, people panicked as financial and economic uncertainty spread within and between New York, New Orleans and London. Although the period of panic would dramatically influence political, cultural and social history, those who panicked sought to erase from history their experiences of one of America's worst early financial crises. The Many Panics of 1837 reconstructs this period in order to make arguments about the national boundaries of history, the role of information in the economy, the personal and local nature of national and international events, the origins and dissemination of economic ideas, and most importantly, what actually happened in 1837. This riveting transatlantic cultural history, based on archival research on two continents, reveals how people transformed their experiences of financial crisis into the 'Panic of 1837', a single event that would serve as a turning point in American history and an early inspiration for business cycle theory

PART I: THEORIES OF FINANCIAL CRISES 1. Caught Off Guard by Another Crisis 2. Theories of Financial Crises 3. Assessment of Theories PART II: FINANCIAL CRISIS IN THE US IN THE TWENTY-FIRST CENTURY 4. Prologue to the Crisis: 2000-2006 5. The Crisis Unfolds PART III: EVALUATING THEORIES AGAINST THE EVIDENCE 6. Using Theory to Analyze the Crisis 7. Theoretically On Guard For Crises

Abstract
How did the emerging market for land in the 19th century influence land distribution in East Prussia? And how did land markets respond to the emergence of financial institutions that relied on land as collateral but also affected the ease and speed of land transfer?
Focusing on the example of a specific financial institution – the East Prussian Landschaft – this paper empirically tests the hypothesis that the Landschaft credit institutes, through their provision of privileged credit, enabled noble estates to expand their landholdings. It also tests whether the existence of Landschaft-credit helped noble estates to remain in the hands of nobles and halted estate sales to the emerging bourgeoisie. The analysis combines several datasets on East Prussian landed estates in 1796, 1834 and 1882 and matches these with borrowing records of the East Prussian Landschaft from 1823 and 1829. The study finds that access to Landschaft-credit correlates positively with estate size over the 19th century, suggesting that the Landschaft credit institutes did play a role in ownership concentration. The results regarding the transfer of estates from the nobility to the bourgeoisie show a weaker link between Landschaft-credit and ownership status of estate holders.