Search results

The Bank Panic of 1907 was one of the most severe financial crises in the United States before the Great Depression. Although contemporaries realized that the panic in New York City was centered at trust companies, subsequent research has relied heavily on national bank data. Balance sheet data for trust companies and state banks as well as call reports of national banks indicate that the contraction of loans and deposits in New York City during the panic was confined to the trust companies.

Today, climate change and competing land use practices are threatening rangelands around the world and the pastoral societies that rely on them. Reindeer husbandry practised by the indigenous Sami people is an example. In Sweden, approximately 70% of the most productive lichen pastures (important in winter) has been lost, either completely or because of a reduction in forage quality, as a result of competing land use (primarily commercial forestry). The remaining pastures are small and fragmented. Yet, the number of reindeer in Sweden shows no general decline. We investigated the strategies that have allowed reindeer herders to sustain their traditional livelihood despite a substantial loss of pastures and thus natural winter forage for their reindeer. Changes in harvest strategy and herd structure may partially explain the observed dynamics, and have increased herd productivity and income, but were not primarily adopted to counteract forage loss. The introduction of supplementary feeding, modern machinery, and equipment has assisted the herders to a certain extent. However, supplementary feeding and technology are expensive. In spite of governmental support and optimized herd productivity and income, increasing costs provide low economic return. We suggest that the increased economical and psychosocial costs caused by forage and pasture losses may have strong effects on the long-term sustainability of reindeer husbandry in Sweden.

Today, climate change and competing land use practices are threatening rangelands around the world and the pastoral societies that rely on them. Reindeer husbandry practised by the indigenous Sami people is an example. In Sweden, approximately 70% of the most productive lichen pastures (important in winter) has been lost, either completely or because of a reduction in forage quality, as a result of competing land use (primarily commercial forestry). The remaining pastures are small and fragmented. Yet, the number of reindeer in Sweden shows no general decline. We investigated the strategies that have allowed reindeer herders to sustain their traditional livelihood despite a substantial loss of pastures and thus natural winter forage for their reindeer. Changes in harvest strategy and herd structure may partially explain the observed dynamics, and have increased herd productivity and income, but were not primarily adopted to counteract forage loss. The introduction of supplementary feeding, modern machinery, and equipment has assisted the herders to a certain extent. However, supplementary feeding and technology are expensive. In spite of governmental support and optimized herd productivity and income, increasing costs provide low economic return. We suggest that the increased economical and psychosocial costs caused by forage and pasture losses may have strong effects on the long-term sustainability of reindeer husbandry in Sweden.

The paper provides a brief history of central banking institutions in the United States. Specifically, the authors highlight the role of New York banking interests in the legislations affecting the creation or expiration of central banking institutions. In our previous research we have detected that New York City banking entities usually exert substantial influence on legislation, greater than their large proportion of United States' banking resources. The authors describe how this influence affected the success or failure of central banking movements in the United States, and the authors use this evidence to support their arguments regarding the influence of New York City bankers on the legislative efforts that culminated in the creation of the Federal Reserve System. The paper argues that successful central banking movements in the United States owed much to the influence of New York City banking interests.

Was clearinghouse membership a key factor mitigating withdrawls from intermediaries during the Panic of 1907? Analyzing balnace-sheet information on institutions in New York and Chicago, we find ecidence that clearinghouse memebers had institutions in New York and Chicago, we find evidence that clearinghouse members had smaller contractions in demand deposits than did nonmembers. New York City trusts, isolated from the clearinghouse, were subject to heightened perceptions of risk, and suffered large-scale withdrawals because they were outside of the clearinghouse and therefore much less prepared to withstand large-scale depositor runs. We suggest that this aspect of the Panic of 1907 helped to forge support for the creation of a U.S. central bank.