The Financial Crisis of 1825 and the Restructuring of the British Financial System / Commentary

Neal, Larry, Bordo, Michael D., Review - Federal Reserve Bank of St. Louis

Today's financial press reports regularly on evidence of systemic risks, financial fragility, banking failures, stock market collapses, and exchange rate attacks throughout the global financial network of the 1990s. To a financial historian, these reports simply reprise similar concerns and risks in numerous episodes of financial innovation and regime change in the past. True, the 1990s have the peculiar feature of emerging markets among newly independent states that are trying to market either their government debt or securities issued by their former state enterprises. But this situation does not eliminate the relevance of past episodes; it merely limits it to fewer periods. The period …

Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information: Article title: The Financial Crisis of 1825 and the Restructuring of the British Financial System / Commentary. Contributors: Neal, Larry - Author, Bordo, Michael D. - Author. Journal title: Review - Federal Reserve Bank of St. Louis. Volume: 80. Issue: 3 Publication date: May/June 1998. Page number: 53+. © Federal Reserve Bank of St. Louis Nov/Dec 1996. Provided by ProQuest LLC. All Rights Reserved.

This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.