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Fighting Financial Crises – Learning from the Past - Chicago Scholarship Online
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Fighting Financial Crises: Learning from the Past

Gary B. Gorton and Ellis W. Tallman


Financial crises, banking panics, have plagued all market economies and have throughout history. This book is about fighting financial crises. Lessons and rules are derived from history, in particular from the experience of the US National Banking Era, 1963-1914. In this era, private bank clearing houses were at the forefront of fighting crises. The key lesson concerns managing information during the crisis. Information was withheld by the clearing house so that individual banks did not experience runs. The lessons are applied to modern crises, which are more complicated because of expectatio ... More

Keywords: financial crises, banking panics, suppression of information, secrecy

Bibliographic Information

Print publication date: 2018 Print ISBN-13: 9780226479514
Published to Chicago Scholarship Online: May 2019 DOI:10.7208/chicago/9780226479651.001.0001


Affiliations are at time of print publication.

Gary B. Gorton, author
Yale University, School of Management

Ellis W. Tallman, author
Federal Reserve Bank of Cleveland