Eugene N White
Datos Biográficos
| ID | 3952996 |
|---|---|
| NOMBRE | Eugene N White |
| NOMBRES | Eugene N |
| APELLIDO | White |
| FIRMA | WHITE E N |
| AFILIACIONES | Rutgers, the State University of New Jersey |
| ORCID | 0000-0001-6213-8003 |
| VERIFICADO | Sí |
| TOTAL DE OBRAS | 35 |
| TOTAL DE CITAS | 169 |
| TOTAL COMO AUTOR | 35 |
| TOTAL COMO EDITOR | 0 |
| PRIMER AÑO DE PUBLICACIÓN | 1934 |
| AÑO MÁS RECIENTE DE PUBLICACIÓN | 2014 |
| ÍNDICE H | 9 |
Floating a "Lifeboat"
When faced with a run on a "systemically important" but insolvent bank in 1889, the Banque de France pre-emptively organized a lifeboat to ensure that depositors were protected and an orderly liquidation could proceed. To protect the Banque from losses on its lifeboat loan, a guarantee syndicate was formed, penalizing those who had participated in the copper speculation that had caused the crisis bringing the bank down. Creation of the syndicate …
Floating a “lifeboat”
Yves Leclercq, La Banque supérieure
As we ponder the 2008 crisis, the arrival of a new history of the Banque de France is a timely event, helping us to better understand how earlier crises were managed. Although we have recently been treated to magisterial studies of the Federal Reserve by Allan H. Meltzer and the Bank of England by Forrest Capie, we lack a truly modern history of the Banque de France. As the peer of the Bank of England in the nineteenth century, it is a notable om…
Danger on the exchange
Bankrupting the enemy
How Much Can a Victor Force the Vanquished to Pay? France under the Nazi Boot
Occupation charges paid by France to Nazi Germany represent one of the largest international transfers and contributed significantly to the German war effort. We employ a neoclassical growth model that incorporates essential features of the occupied economy to assess the welfare costs of the policies that managed the payments to Germany. Our lower bound estimates show that occupation payments required a severe cut in consumption. A draft of labor…
The Crash of 1882 and the Bailout of the Paris Bourse
The Highest Price Ever
A surge in orders during the stock market boom of the late 1920s collided against the constraint created by the fixed number of brokers on the New York Stock Exchange. Estimates of the determinants of individual stock bid-ask spreads from panel data reveal that spreads jumped when volume spiked, confirming contemporary observers complaints that there were insufficient counterparties. When the position of the NYSE as the dominant exchange became t…
How could everyone have been so wrong? Forecasting the Great Depression with the railroads
From privatized to government-administered tax collection
The establishment of a government bureaucracy to collect taxes is regarded as one of the essential features of a modern economy. While Britain is considered a pioneer, France has been treated as a laggard because of continued reliance on tax farming. Focusing on the largest tax farm, France's late transition from private to government tax collection is explained in a principal-agent context by the difficulties of monitoring employees and borrowin…
The Panics of 1854 and 1857
Using records of individual depositors' accounts, this article provides a detailed microeconomic analysis of two banking panics. The panics of 1854 and 1857 were not characterized by an immediate mass panic of depositors and had important time dimensions. We examine depositor behavior using a hazard model. Contagion was the key factor in 1854 but it created only a local panic. The 1857 panic began with runs by businessmen and banking sophisticate…
California Banking in the Nineteenth Century
An 1890s loan book of the Bank of A. Levy permits a detailed examination of the lending operations of a private bank in California during the National Banking Era (1864–1914). This period has been intensively analyzed at the national and state level, but there are few studies of banks at the firm level. This unregulated bank was integrated into money markets and lent to a broad cross section of the community. Although the bank appeared to adhere …
Stock Market Bubbles? A Reply
Research in finance is guided by powerful intuitions from models of efficient markets. However, researchers have uncovered a number of puzzles that are not explained by these models. Such anomalies include the excess volatility of stock prices, the closed-end mutual fund paradox, and the mean reversion in stock prices that produces predictable returns for long holding periods. 1 Whereas financial economists all recognize the existence of these pu…
The French Revolution and the Politics of Government Finance, 1770–1815
Although largely neglected in most histories of the French Revolution, the central government’s persistent budget deficit was a factor of paramount importance. The fiscal crisis inherited from the monarchy defied solution because of the war of attrition fought by economic interest groups. The struggle produced radical changes in macroeconomic policy to shift the burden of adjustment, altering the course of and prolonging the Revolution
Was There a Bubble in the 1929 Stock Market
In contrast to historical accounts of the boom and crash of the 1929 stock market, recent econometric studies have concluded that there were no bubbles in the American stock market over the past one hundred years. Examining the pricing of loans to stock brokers, we find information on the lenders' perceptions of the future course of stock prices in 1929. From this market, we extract an estimate of the bubble in stock prices. This bubble component…
Modern Europe - État, finances et économie pendant la Révolution française. Comité pour l'Histoire Économique et Financière de la France. Paris
Modern Europe - État, finances et économie pendant la Révolution française. Comité pour l'Histoire Économique et Financière de la France. Paris: Imprimerie nationale, 1991. Pp. xxx, 621. 199F. - Volume 52 Issue 4
Measuring the French Revolution's Inflation
Eugène N. White. La mesure de l'inflation sous la Révolution française : Les Tableaux de dépréciation. La mesure de la hausse des prix est un problème important pour l'étude de l'inflation sous la Révolution française. Les tableaux de dépréciation publiés pendant la Révolution fournissent des mesures régionales des prix. Ces sources sont bien connues, mais le mode de construction de ces tableaux reste problématique. Cet article examine les origin…
A Tale of Two Currencies
The record of British and French finance during the Napoleonic wars presents the striking picture of a financially strong nation abandoning the gold standard, borrowing heavily, and generating inflation, while a financially weaker country followed more "orthodox" policies. This paradoxical behavior is explained by Britain's strong credibility that allowed more flexible policies, while France's poor reputation forced reliance on taxation
Free banking during the French Revolution
The Stock Market Boom and Crash of 1929 Revisited
This paper will sort through many of the hypotheses offered to explain the 1929 boom and bust. Most of the factors cited by historians played trivial or insignificant roles. The central issue is whether fundamentals or a bubble drove the bull market upwards. An econometric resolution of this question is unlikely, for reasons that Flood and Hodrick explain in their contribution to this symposium. However, the qualitative evidence assembled in this…
Was There a Solution to the Ancien Régime's Financial Dilemma
The fiscal policy accomplishments of the ancien régime during its last two decades in France have been greatly underappreciated. While the collapse of the monarchy has been attributed to persistent peacetime deficits, these did not appear until the mid-1780s when earlier reforms and successful budget policies were abandoned by reactionary finance ministers. Had the earlier policies been continued, it is unlikely that a severe crisis would have oc…
L'economie de la Revolution francaise
The Seven Years' War and the Old Regime in France
Fueron inflacionarias las finanzas estatales en el siglo XVIII? Una nueva interpretación de los vales reales
Las finanzas de los gobiernos de fines del siglo XVIII en España han sido con frecuencia calificadas de inherentemente inflacionarias. Los crónicos déficit presupuestarios, consecuencia de una base fiscal débil y fuertes gastos de guerra, se han considerado el móvil que forzó al gobierno a la emisión de papel moneda. Pese a ser ésta en gran medida una descriptión aplicable a los últimos añnos del siglo, cuando empezaban a desintegrarse las finanz…
But Also Good Business
Journal Article But Also Good Business: Texas Commerce Banks and the Financing of Houston and Texas, 1886–1986. By Walter L. Buenger and Joseph A. Pratt. (College Station: Texas A&M University Press, 1986. xvi + 450 pp. $29.50.) Get access Eugene Nelson White Eugene Nelson White Rutgers University, New Brunswick Search for other works by this author on: Oxford Academic Google Scholar Journal of American History, Volume 74, Issue 2, September 1987…
A Tale of Two Currencies
The record of British and French finance during the Napoleonic wars presents the striking picture of a financially strong nation abandoning the gold standard, borrowing heavily, and generating inflation, while a financially weaker country followed more "orthodox" policies. This paradoxical behavior is explained by Britain's strong credibility that allowed more flexible policies, while France's poor reputation forced reliance on taxation
A Reinterpretation of the Banking Crisis of 1930
The banking crisis of 1930 is one of the central events of the Great Depression. The causes of this wave of bank failures are examined using individual bank balance sheet data. Both real and monetary factors are found to have forced the closure of banks, many of which were already weakened by regulatory constraints and regional economic difficulties. The bank failures in this crisis do not seem to have been different in character from failures in…
From privatized to government-administered tax collection
The establishment of a government bureaucracy to collect taxes is regarded as one of the essential features of a modern economy. While Britain is considered a pioneer, France has been treated as a laggard because of continued reliance on tax farming. Focusing on the largest tax farm, France's late transition from private to government tax collection is explained in a principal-agent context by the difficulties of monitoring employees and borrowin…
Was There a Solution to the Ancien Régime's Financial Dilemma
The fiscal policy accomplishments of the ancien régime during its last two decades in France have been greatly underappreciated. While the collapse of the monarchy has been attributed to persistent peacetime deficits, these did not appear until the mid-1780s when earlier reforms and successful budget policies were abandoned by reactionary finance ministers. Had the earlier policies been continued, it is unlikely that a severe crisis would have oc…
Before the Glass-Steagall Act
The Stock Market Boom and Crash of 1929 Revisited
This paper will sort through many of the hypotheses offered to explain the 1929 boom and bust. Most of the factors cited by historians played trivial or insignificant roles. The central issue is whether fundamentals or a bubble drove the bull market upwards. An econometric resolution of this question is unlikely, for reasons that Flood and Hodrick explain in their contribution to this symposium. However, the qualitative evidence assembled in this…
The Political Economy of Banking Regulation, 1864–1933
The laws and regulations that shaped the structure of the banking industry from the Civil War to the Great Depression were strongly influenced by the banking community. In this period legal constraints on banks were weakened by competition between state and federal regulators trying to increase membership in their banking systems. The elimination of regulation was not completed, however, because the politically most powerful group in the industry…
How Much Can a Victor Force the Vanquished to Pay? France under the Nazi Boot
Occupation charges paid by France to Nazi Germany represent one of the largest international transfers and contributed significantly to the German war effort. We employ a neoclassical growth model that incorporates essential features of the occupied economy to assess the welfare costs of the policies that managed the payments to Germany. Our lower bound estimates show that occupation payments required a severe cut in consumption. A draft of labor…
The French Revolution and the Politics of Government Finance, 1770–1815
Although largely neglected in most histories of the French Revolution, the central government’s persistent budget deficit was a factor of paramount importance. The fiscal crisis inherited from the monarchy defied solution because of the war of attrition fought by economic interest groups. The struggle produced radical changes in macroeconomic policy to shift the burden of adjustment, altering the course of and prolonging the Revolution
The Merger Movement in Banking, 1919–1933
The merger movement between the First World War and the Great Depression played an important role in the evolution of the American banking industry. The first complete statistical series on mergers is presented and the factors that contributed to the merger are analyzed
Was There a Bubble in the 1929 Stock Market
In contrast to historical accounts of the boom and crash of the 1929 stock market, recent econometric studies have concluded that there were no bubbles in the American stock market over the past one hundred years. Examining the pricing of loans to stock brokers, we find information on the lenders' perceptions of the future course of stock prices in 1929. From this market, we extract an estimate of the bubble in stock prices. This bubble component…
Free banking during the French Revolution
Danger on the exchange
The Highest Price Ever
A surge in orders during the stock market boom of the late 1920s collided against the constraint created by the fixed number of brokers on the New York Stock Exchange. Estimates of the determinants of individual stock bid-ask spreads from panel data reveal that spreads jumped when volume spiked, confirming contemporary observers complaints that there were insufficient counterparties. When the position of the NYSE as the dominant exchange became t…
How could everyone have been so wrong? Forecasting the Great Depression with the railroads
The Panics of 1854 and 1857
Using records of individual depositors' accounts, this article provides a detailed microeconomic analysis of two banking panics. The panics of 1854 and 1857 were not characterized by an immediate mass panic of depositors and had important time dimensions. We examine depositor behavior using a hazard model. Contagion was the key factor in 1854 but it created only a local panic. The 1857 panic began with runs by businessmen and banking sophisticate…
Fueron inflacionarias las finanzas estatales en el siglo XVIII? Una nueva interpretación de los vales reales
Las finanzas de los gobiernos de fines del siglo XVIII en España han sido con frecuencia calificadas de inherentemente inflacionarias. Los crónicos déficit presupuestarios, consecuencia de una base fiscal débil y fuertes gastos de guerra, se han considerado el móvil que forzó al gobierno a la emisión de papel moneda. Pese a ser ésta en gran medida una descriptión aplicable a los últimos añnos del siglo, cuando empezaban a desintegrarse las finanz…
State-Sponsored Insurance of Bank Deposits in the United States, 1907-1929
Before the creation of the Federal Deposit Insurance Corporation in 1933, several states established deposit guarantee funds. The key factor influencing the adoption of deposit insurance by a state was the structure of its banking industry. In states where small unit banks were dominant, there was strong support for guarantee funds to protect deposits; in other states there was more interest in branch banking. The failure to design the guarantee …
But Also Good Business
Journal Article But Also Good Business: Texas Commerce Banks and the Financing of Houston and Texas, 1886–1986. By Walter L. Buenger and Joseph A. Pratt. (College Station: Texas A&M University Press, 1986. xvi + 450 pp. $29.50.) Get access Eugene Nelson White Eugene Nelson White Rutgers University, New Brunswick Search for other works by this author on: Oxford Academic Google Scholar Journal of American History, Volume 74, Issue 2, September 1987…
The membership problem of the National Banking System
California Banking in the Nineteenth Century
An 1890s loan book of the Bank of A. Levy permits a detailed examination of the lending operations of a private bank in California during the National Banking Era (1864–1914). This period has been intensively analyzed at the national and state level, but there are few studies of banks at the firm level. This unregulated bank was integrated into money markets and lent to a broad cross section of the community. Although the bank appeared to adhere …
Experiments in Family Consultation Centers
Journal Article Experiments in Family Consultation Centers Get access Edna Noble White Edna Noble White The Merrill-Palmer School Search for other works by this author on: Oxford Academic Google Scholar Social Forces, Volume 12, Issue 4, May 1934, Pages 557–562, https://doi.org/10.2307/2569716 Published: 01 May 1934
State-Sponsored Insurance of Bank Deposits in the United States, 1907-1929
Before the creation of the Federal Deposit Insurance Corporation in 1933, several states established deposit guarantee funds. The key factor influencing the adoption of deposit insurance by a state was the structure of its banking industry. In states where small unit banks were dominant, there was strong support for guarantee funds to protect deposits; in other states there was more interest in branch banking. The failure to design the guarantee …
The Political Economy of Banking Regulation, 1864–1933
The laws and regulations that shaped the structure of the banking industry from the Civil War to the Great Depression were strongly influenced by the banking community. In this period legal constraints on banks were weakened by competition between state and federal regulators trying to increase membership in their banking systems. The elimination of regulation was not completed, however, because the politically most powerful group in the industry…
The membership problem of the National Banking System
The Regulation and Reform of the American Banking System, 1900-1929
Journal Article The Regulation and Reform of the American Banking System, 1900–1929. By Eugene Nelson White. (Princeton: Princeton University Press, 1983. xiv + 251 pp. Tables, appendixes, notes, bibliography, and index. $25.00.) Get access Helen M. Burns Helen M. Burns Baltimore, Maryland Search for other works by this author on: Oxford Academic Google Scholar Journal of American History, Volume 70, Issue 3, December 1983, Pages 702–703, https:/…
A Reinterpretation of the Banking Crisis of 1930
The banking crisis of 1930 is one of the central events of the Great Depression. The causes of this wave of bank failures are examined using individual bank balance sheet data. Both real and monetary factors are found to have forced the closure of banks, many of which were already weakened by regulatory constraints and regional economic difficulties. The bank failures in this crisis do not seem to have been different in character from failures in…
The Regulation and Reform of the American Banking System, 1900-1929
The Merger Movement in Banking, 1919–1933
The merger movement between the First World War and the Great Depression played an important role in the evolution of the American banking industry. The first complete statistical series on mergers is presented and the factors that contributed to the merger are analyzed
Before the Glass-Steagall Act
Fueron inflacionarias las finanzas estatales en el siglo XVIII? Una nueva interpretación de los vales reales
Las finanzas de los gobiernos de fines del siglo XVIII en España han sido con frecuencia calificadas de inherentemente inflacionarias. Los crónicos déficit presupuestarios, consecuencia de una base fiscal débil y fuertes gastos de guerra, se han considerado el móvil que forzó al gobierno a la emisión de papel moneda. Pese a ser ésta en gran medida una descriptión aplicable a los últimos añnos del siglo, cuando empezaban a desintegrarse las finanz…
But Also Good Business
Journal Article But Also Good Business: Texas Commerce Banks and the Financing of Houston and Texas, 1886–1986. By Walter L. Buenger and Joseph A. Pratt. (College Station: Texas A&M University Press, 1986. xvi + 450 pp. $29.50.) Get access Eugene Nelson White Eugene Nelson White Rutgers University, New Brunswick Search for other works by this author on: Oxford Academic Google Scholar Journal of American History, Volume 74, Issue 2, September 1987…
Financial Crises and the World Banking System
L'economie de la Revolution francaise
The Seven Years' War and the Old Regime in France
Was There a Solution to the Ancien Régime's Financial Dilemma
The fiscal policy accomplishments of the ancien régime during its last two decades in France have been greatly underappreciated. While the collapse of the monarchy has been attributed to persistent peacetime deficits, these did not appear until the mid-1780s when earlier reforms and successful budget policies were abandoned by reactionary finance ministers. Had the earlier policies been continued, it is unlikely that a severe crisis would have oc…
Free banking during the French Revolution
The Stock Market Boom and Crash of 1929 Revisited
This paper will sort through many of the hypotheses offered to explain the 1929 boom and bust. Most of the factors cited by historians played trivial or insignificant roles. The central issue is whether fundamentals or a bubble drove the bull market upwards. An econometric resolution of this question is unlikely, for reasons that Flood and Hodrick explain in their contribution to this symposium. However, the qualitative evidence assembled in this…
Measuring the French Revolution's Inflation
Eugène N. White. La mesure de l'inflation sous la Révolution française : Les Tableaux de dépréciation. La mesure de la hausse des prix est un problème important pour l'étude de l'inflation sous la Révolution française. Les tableaux de dépréciation publiés pendant la Révolution fournissent des mesures régionales des prix. Ces sources sont bien connues, mais le mode de construction de ces tableaux reste problématique. Cet article examine les origin…
A Tale of Two Currencies
The record of British and French finance during the Napoleonic wars presents the striking picture of a financially strong nation abandoning the gold standard, borrowing heavily, and generating inflation, while a financially weaker country followed more "orthodox" policies. This paradoxical behavior is explained by Britain's strong credibility that allowed more flexible policies, while France's poor reputation forced reliance on taxation
Modern Europe - État, finances et économie pendant la Révolution française. Comité pour l'Histoire Économique et Financière de la France. Paris
Modern Europe - État, finances et économie pendant la Révolution française. Comité pour l'Histoire Économique et Financière de la France. Paris: Imprimerie nationale, 1991. Pp. xxx, 621. 199F. - Volume 52 Issue 4
Was There a Bubble in the 1929 Stock Market
In contrast to historical accounts of the boom and crash of the 1929 stock market, recent econometric studies have concluded that there were no bubbles in the American stock market over the past one hundred years. Examining the pricing of loans to stock brokers, we find information on the lenders' perceptions of the future course of stock prices in 1929. From this market, we extract an estimate of the bubble in stock prices. This bubble component…
Stock Market Bubbles? A Reply
Research in finance is guided by powerful intuitions from models of efficient markets. However, researchers have uncovered a number of puzzles that are not explained by these models. Such anomalies include the excess volatility of stock prices, the closed-end mutual fund paradox, and the mean reversion in stock prices that produces predictable returns for long holding periods. 1 Whereas financial economists all recognize the existence of these pu…
The French Revolution and the Politics of Government Finance, 1770–1815
Although largely neglected in most histories of the French Revolution, the central government’s persistent budget deficit was a factor of paramount importance. The fiscal crisis inherited from the monarchy defied solution because of the war of attrition fought by economic interest groups. The struggle produced radical changes in macroeconomic policy to shift the burden of adjustment, altering the course of and prolonging the Revolution
California Banking in the Nineteenth Century
An 1890s loan book of the Bank of A. Levy permits a detailed examination of the lending operations of a private bank in California during the National Banking Era (1864–1914). This period has been intensively analyzed at the national and state level, but there are few studies of banks at the firm level. This unregulated bank was integrated into money markets and lent to a broad cross section of the community. Although the bank appeared to adhere …
The Panics of 1854 and 1857
Using records of individual depositors' accounts, this article provides a detailed microeconomic analysis of two banking panics. The panics of 1854 and 1857 were not characterized by an immediate mass panic of depositors and had important time dimensions. We examine depositor behavior using a hazard model. Contagion was the key factor in 1854 but it created only a local panic. The 1857 panic began with runs by businessmen and banking sophisticate…
Economics (24 obras) · Political science (20 obras) · Finance (17 obras) · Business (16 obras) · Finance (14 obras) · Financial system (14 obras) · Banking stability, regulation, efficiency (11 obras) · Global Financial Crisis and Policies (11 obras) · Keynesian economics (9 obras) · Law (9 obras)