Crises and Opportunities: The Shaping of Modern Finance by Youssef Cassis

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By Youssef Cassis

Studying the diversities and commonalities of 8 worldwide monetary crises because the past due nineteenth century (including the good melancholy of the Nineteen Thirties and the monetary debacle of the early twenty first century) this publication offers insights into how the monetary panorama has - or has no longer - been reshaped after a systemic surprise.

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The Credit-Anstalt lost about 16 per cent of its deposits in two days and some 30 per cent in two weeks. The bank was kept afloat by the Austrian National Bank and the government with the help of a foreign credit. 67 Panic erupted on Monday, 13 July 1931, when the Darmstädter und National Bank (Danat Bank), one of Germany’s three largest banks,68 did not open its doors. This provoked a run of depositors on all banks, from the other big banks to smaller regional banks, savings banks, and cooperative banks.

20 As to Argentina, it suffered a severe depression, with real GDP falling by 11 per cent between 1890 and 1891. THE AMERICAN PANIC OF 1907 The American Panic of 1907 was the first financial crisis to shake one of the world’s main financial centres, in this case Wall Street, since the Baring Crisis seventeen years earlier. It was a very serious financial crisis—so serious that it led to the creation of the Federal Reserve System a few years later—and was followed by a deep recession. The crisis also had a global dimension, because of the interaction between international financial centres, and because of the new role of the United States in world finance.

And, though mainly national in character, they also had a clear international dimension stemming from the opening-up of the world economy. 11 The ‘secondary banks’ appeared in the late 1950s to take advantage of the wholesale money markets that were growing fast in London, in particular the inter-bank market and the market for certificates of deposits. They were able to offer banking facilities that could not be provided by the highly regulated clearing 34 Crises and Opportunities banks, which had lending ceilings imposed on them, and which formed a tight interest rates cartel.

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