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The Macroeconomic E...
The Macroeconomic Effects of Banking Crises : Evidence from the United Kingdom, 1750-1938
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- Kenny, Seán (författare)
- Lund University,Lunds universitet,Ekonomisk-historiska institutionen,Ekonomihögskolan,Department of Economic History,Lund University School of Economics and Management, LUSEM
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- Lennard, Jason (författare)
- Lund University,Lunds universitet,Ekonomisk-historiska institutionen,Ekonomihögskolan,Department of Economic History,Lund University School of Economics and Management, LUSEM,National Institute of Economic and Social Research (NIERS)
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- Turner, John D. (författare)
- Queen's University Belfast
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(creator_code:org_t)
- 2017
- Engelska 47 s.
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Serie: Lund Papers in Economic History: General Issues, 1101-346X
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Abstract
Ämnesord
Stäng
- This paper investigates the macroeconomic effects of UK banking crises over the period 1750 to 1938. We construct a new annual banking crisis series using bank failure rate data, which suggests that the incidence of banking crises was every 32 years. Using our new series and a narrative approach to identify exogenous banking crises, we find that industrial production contracts by 8.2 per cent in the year following a crisis. This finding is robust to a battery of checks, including different VAR specifications, different thresholds for the crisis indicator, and the use of a capital-weighted bank failure rate.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Ekonomisk historia (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economic History (hsv//eng)
Nyckelord
- banking crisis
- bank failures
- narrative approach
- macroeconomy
- United Kingdom
- E32
- E44
- G21
- N13
- N14
- N23
- N24
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