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Till Time's Last Sand: A History of the Bank of England, 1694–2013. New York: Bloomsbury. pp. 320– 326. ISBN 978-1408868560. Sumner, Scott (2015). The Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression. Oakland, CA: Independent Institute. pp. 66– 71. ISBN 978-1598131505
Crowd at New York's American Union Bank during a bank run early in the Great Depression. Together, the 1929 stock market crash and the Great Depression formed the largest financial crisis of the 20th century. [45] The panic of October 1929 has come to serve as a symbol of the economic contraction that gripped the world during the next decade. [46]
The collapse of Creditanstalt caused the Bank of France, the National Bank of Belgium, the Netherlands Bank, and the Swiss National Bank to begin a run on the U.S. dollar for their gold reserves, and forced the Federal Reserve to raise interest rates from 1.5% to 3.5% to maintain the gold standards, which in turn contributed to the deepening of ...
The American economist Charles P. Kindleberger of long-term studying of the Great Depression pointed out that in the 1929, before and after the collapse of the stock market, the Fed lowered interest rates, tried to expand the money supply and eased the financial market tensions for several times; however, they were not successful.
The Great Depression: An Inquiry into the Causes, Course, and Consequences of the Worldwide Depression of the Nineteen-Thirties, as Seen by Contemporaries and in Light of History (1986) Garraty, John A. Unemployment in History (1978) Garside, William R. Capitalism in Crisis: International Responses to the Great Depression (1993) Haberler ...
Panic of 1907, a U.S. economic recession with bank failures; Shōwa Financial Crisis, a 1927 Japanese financial panic that resulted in mass bank failures across the Empire of Japan. Great Depression, the worst systemic banking crisis of the 20th century; Secondary banking crisis of 1973–1975 in the UK; Japanese asset price bubble (1986–2003)
Crowds form outside the Bank of United States when it failed in 1931. The Bank of United States, founded by Joseph S. Marcus in 1913 at 77 Delancey Street in New York City, [1] [2] [3] was a New York City bank that failed in 1931. The bank run on its Bronx branch is said to have started the collapse of banking during the Great Depression. [4]
The Great Depression in the U.S. from a monetary view. Real gross domestic product in 1996-Dollar (blue), price index (red), money supply M2 (green) and number of banks (grey). All data adjusted to 1929 = 100%. Crowd at New York's American Union Bank during a bank run early in the Great Depression