國立虎尾科技大學 |

The 1772–73 British Credit Crisis

Record Type:	Language materials, printed : Monograph/item
Title/Author:	The 1772–73 British Credit Crisis/ by Paul Kosmetatos.
Author:	Kosmetatos, Paul.
Description:	XXIV, 334 p. 45 illus., 9 illus. in color.online resource. :
Contained By:	Springer Nature eBook
Subject:	Finance—History. -
Online resource:	https://doi.org/10.1007/978-3-319-70908-6
ISBN:	9783319709086

The 1772–73 British Credit Crisis
Kosmetatos, Paul.

The 1772–73 British Credit Crisis[electronic resource] /by Paul Kosmetatos. - 1st ed. 2018. - XXIV, 334 p. 45 illus., 9 illus. in color.online resource. - Palgrave Studies in the History of Finance,2662-5164. - Palgrave Studies in the History of Finance,.

1. ‘A Year of Confusion, Dismay, and Distress’: The 1772–73 Financial Crisis and Its Potential Significance -- 2. A Minsky Bubble? Economic Growth and the Financial Sector in 1763–72 -- 3. ‘Roguery’, ‘Stupidity’, and Permissive Regulation: Asset Speculation and Speculative Projects in 1763–72 -- 4. Propagation and Containment: Financial Contagion and the Lender of Last Resort in 1772–73 -- 5. Impact and Resolution -- 6. Conclusion. .

Nowadays remembered mostly through Adam Smith’s references to the short-lived Ayr Bank in the Wealth of Nations, the 1772-3 financial crisis was an important historical episode in its own right, taking place during a pivotal period in the development of financial capitalism and coinciding with the start of the traditional industrialisation narrative. It was also one of the earliest purely financial crises occurring in peacetime, and its progress showed an impressive geographical reach, involving England, Scotland, the Netherlands and the North American colonies. This book uses a variety of previously unpublished archival sources to question the bubble narrative usually associated with this crisis, and to identify the mechanisms of financial contagion that allowed the failure of a small private bank in London to cause rapid and severe distress throughout the 18th century financial system. It re-examines the short and turbulent career of the Ayr Bank, and concludes that its failure was the result of cavalier liability management akin to that of Northern Rock in 2007, rather than the poor asset quality alleged in existing literature. It furthermore argues that the Bank of England’s prompt efforts to contain the crisis are evidence of a Lender of Last Resort in action, some thirty years before the classical formulation of the concept by Henry Thornton.

ISBN: 9783319709086

Standard No.: 10.1007/978-3-319-70908-6doiSubjects--Topical Terms:

1255918
Finance—History.

LC Class. No.: HG171

Dewey Class. No.: 332.09

The 1772–73 British Credit Crisis
LDR:03243nam a22004095i 4500 001 995973
003 DE-He213
005 20200706204500.0
007 cr nn 008mamaa
008 201225s2018 gw | s |||| 0|eng d
020 $a 9783319709086 $9 978-3-319-70908-6
024 7 $a 10.1007/978-3-319-70908-6 $2 doi
035 $a 978-3-319-70908-6
050 4 $a HG171
072 7 $a KFF $2 bicssc
072 7 $a BUS023000 $2 bisacsh
072 7 $a KFF $2 thema
082 0 4 $a 332.09 $2 23
100 1 $a Kosmetatos, Paul. $4 aut $4 http://id.loc.gov/vocabulary/relators/aut $3 1202180
245 1 4 $a The 1772–73 British Credit Crisis $h [electronic resource] / $c by Paul Kosmetatos.
250 $a 1st ed. 2018.
264 1 $a Cham : $b Springer International Publishing : $b Imprint: Palgrave Macmillan, $c 2018.
300 $a XXIV, 334 p. 45 illus., 9 illus. in color. $b online resource.
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
347 $a text file $b PDF $2 rda
490 1 $a Palgrave Studies in the History of Finance, $x 2662-5164
505 0 $a 1. ‘A Year of Confusion, Dismay, and Distress’: The 1772–73 Financial Crisis and Its Potential Significance -- 2. A Minsky Bubble? Economic Growth and the Financial Sector in 1763–72 -- 3. ‘Roguery’, ‘Stupidity’, and Permissive Regulation: Asset Speculation and Speculative Projects in 1763–72 -- 4. Propagation and Containment: Financial Contagion and the Lender of Last Resort in 1772–73 -- 5. Impact and Resolution -- 6. Conclusion. .
520 $a Nowadays remembered mostly through Adam Smith’s references to the short-lived Ayr Bank in the Wealth of Nations, the 1772-3 financial crisis was an important historical episode in its own right, taking place during a pivotal period in the development of financial capitalism and coinciding with the start of the traditional industrialisation narrative. It was also one of the earliest purely financial crises occurring in peacetime, and its progress showed an impressive geographical reach, involving England, Scotland, the Netherlands and the North American colonies. This book uses a variety of previously unpublished archival sources to question the bubble narrative usually associated with this crisis, and to identify the mechanisms of financial contagion that allowed the failure of a small private bank in London to cause rapid and severe distress throughout the 18th century financial system. It re-examines the short and turbulent career of the Ayr Bank, and concludes that its failure was the result of cavalier liability management akin to that of Northern Rock in 2007, rather than the poor asset quality alleged in existing literature. It furthermore argues that the Bank of England’s prompt efforts to contain the crisis are evidence of a Lender of Last Resort in action, some thirty years before the classical formulation of the concept by Henry Thornton.
650 0 $a Finance—History. $3 1255918
650 1 4 $a Financial History. $3 1104729
710 2 $a SpringerLink (Online service) $3 593884
773 0 $t Springer Nature eBook
776 0 8 $i Printed edition: $z 9783319709079
776 0 8 $i Printed edition: $z 9783319709093
776 0 8 $i Printed edition: $z 9783030100018
830 0 $a Palgrave Studies in the History of Finance, $x 2662-5164 $3 1255917
856 4 0 $u https://doi.org/10.1007/978-3-319-70908-6
912 $a ZDB-2-ECF
912 $a ZDB-2-SXEF
950 $a Economics and Finance (SpringerNature-41170)
950 $a Economics and Finance (R0) (SpringerNature-43720)