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Debt, Financial Fragility, and Systemic Risk$
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E. Philip Davis

Print publication date: 1995

Print ISBN-13: 9780198233312

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198233310.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 30 November 2021

Ten Further Financial Crises

Ten Further Financial Crises

(p.245) 8 Ten Further Financial Crises
Debt, Financial Fragility, and Systemic Risk

E. Philip Davis (Contributor Webpage)

Oxford University Press

Given the focus of the analyses in Chs. 6 and 7 on six major periods of instability since 1970, it is useful to outline the events of other selected periods of crisis. We look for example at the Overend Gurney from 1866 in the UK, the US Great Depression, Continental Illinois in the US, Penn Central in the US, and the Norwegian banking crisis. Such an approach serves several purposes; first, it indicates the generality or otherwise of the mechanisms outlined in a wider range of financial markets (common features of the events are summarized in Table 8.1); second, it may offer additional insights into the links between financial fragility and systemic risk; third, by offering a wider sample, it facilitates a broader analysis of the different types of crisis. Given the degree to which some of these events have been studied, the accounts are inevitably partial; further details can be obtained from the references.

Keywords:   Continental Illinois, financial fragility, Great Depression, Norway, Norwegian banking crisis, Overend Gurney, Penn Central, systemic risk, UK, USA

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