Harvests and Financial Crises in Gold Standard America

Most American financial crises of the postbellum gold standard era were caused by fluctuations in the cotton harvest due to exogenous factors such as weather. The transmission channel ran through export revenues and financial markets under the pre-1914 monetary regime. A poor cotton harvest depressed export revenues and reduced international demand for American assets, which depressed American stock prices, drained deposits from money center banks and precipitated a business cycle downturn-conditions that bred financial crises. The crises caused by cotton harvests could have been prevented by an American central bank, even under gold standard constraints

Business · Business cycle · Economics · Financial crisis · Financial market · Financial system · Geography · Macroeconomics · Monetary economics · Recession · Revenue · Stock (firearms) · Economic Theory and Policy · Finance · Global Financial Crisis and Policies · Monetary Policy and Economic Impact

• Harvests and Financial Crises in Gold Standard America

  Open Access•Christopher Hanes, Paul W Rhode•The Journal of Economic History•2013

  Incluir item

• Economic Effects of Runs on Early “Shadow Banks”

  Carola Frydman, Eric Hilt et al.•Journal of Political Economy•2015

  Incluir item

• How the Bank of France Changed U.S. Equity Expectations and Ended the Panic of 1907

  Open Access•Mary T Rodgers, James E Payne•The Journal of Economic History•2014

  Incluir item

• A Country of Long Credits and Long Seasons

  Mikael Omstedt•Annals of the American…•2026

  Incluir item

• Taming the Global Financial Cycle

  Open Access•Guillaume Bazot, É Monnet et al.•The Journal of Economic History•2022

  Incluir item

• What is a market crash

  Open Access•David Le Bris•The Economic History Review•2018

  Incluir item

• Banking Panics of the Gilded Age

  Open Access•Elmus Wicker•Banking Panics of the Gilded Age•2000

  Incluir item

• Manias, Panics and Crashes

  Open Access•Charles Poor Kindleberger, Robert Aliber•Manias, Panics and Crashes•1978

  Incluir item

• Monetary Trends in the United States and the United Kingdom

  Milton Friedman, Audrey James Schwartz et al.•Monetary Trends in the United…•1982

  Incluir item

• This Time Is Different

  Open Access•Carmen M Reinhart, Cornel Reinhart et al.•This Time Is Different•2009

  Incluir item

• Credit Booms Gone Bust

  Moritz Schularick, Alastair M Taylor et al.•American Economic Review•2012

  Incluir item

• From Financial Crash to Debt Crisis

  Carmen M Reinhart, Cornel Reinhart et al.•American Economic Review•2011

  Incluir item

• Wall Street and Main Street

  Open Access•John James, John A James et al.•Cliometrica•2013

  Incluir item

• The History of Foreign Investment in the United States, 1914–1945

  Open Access•Mira Wilkins•History of Foreign Investment in…•2009

  Incluir item

• Measuring Market Integration

  Eugene Canjels, Gauri Prakash-Canjels et al.•The Review of Economics and…•2004

  Incluir item

• Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy

  Lawrence J Christiano, Martin Eichenbaum et al.•Journal of Political Economy•2005

  Incluir item

• International Capital Flows and Portfolio Equilibrium

  Michael G Porter•Journal of Political Economy•1974

  Incluir item

• Bank Runs, Deposit Insurance, and Liquidity

  Douglas W Diamond, Philip H Dybvig•Journal of Political Economy•1983

  Incluir item

• A New Monthly Index of Industrial Production, 1884–1940

  Open Access•Jeffrey A Miron, Christina D Romer et al.•The Journal of Economic History•1990

  Incluir item

• An Improved Annual Chronology of U.S. Business Cycles since the 1790s

  Open Access•Joseph H Davis•The Journal of Economic History•2006

  Incluir item

• Real Shock, Monetary Aftershock

  Open Access•Kerry Odell, Kerry A Odell et al.•The Journal of Economic History•2004

  Incluir item

• Remeasuring Business Cycles

  Open Access•Christina D Romer, Christina Romer•The Journal of Economic History•1994

  Incluir item

• The Stock Exchange and the Money Market

  Open Access•Horace White•The Annals of the American…•1910

  Incluir item

• Covered Interest Arbitrage

  Open Access•TED JUHL, William Miles et al.•Economica•2006

  Incluir item

• The Origins of Central Banking in the United States

  Charlotte Erickson, Richard H Timberlake•Economica•1980

  Incluir item

• Forecasting the Yield and the Price of Cotton

  G U Yule, Henry Ludwell Moore•The Economic Journal•1918

  Incluir item

• The New York Money Market

  O M W Sprague•The Economic Journal•1903

  Incluir item

• The Bank of England, 1891-1944

  D E Moggridge, R S Sayers•The Economic Journal•1977

  Incluir item

• A History of Modern Banks of Issue

  F E Steele, Charles A Conant•The Economic Journal•1896

  Incluir item

• The History of Foreign Investment in the United States to 1914

  T A B Corley, Mira Wilkins•The Economic Journal•1990

  Incluir item

• The Currency Problem and the Present Financial Situation

  Henry Ludwell Moore•The Economic Journal•1909

  Incluir item

• A Monetary History of the United States, 1867-1960

  Milton Friedman, Audrey James Schwartz et al.•The SHAFR Guide Online•2017

  Incluir item

• Harvests and Financial Crises in Gold Standard America

  Open Access•Christopher Hanes, Paul W Rhode•The Journal of Economic History•2013

  Incluir item

• Financial Intermediation and Macroeconomic Analysis

  Open Access•Michael Woodford•The Journal of Economic…•2010

  Incluir item

• The Origins of Central Banking in the United States

  Stanley L Engerman, Richard H Timberlake•The Economic History Review•1979

  Incluir item

• The Unholy Trinity of Financial Contagion

  Open Access•Graciela L Kaminsky, Graciela Kaminsky et al.•The Journal of Economic…•2003

  Incluir item

• American Business Cycles, 1865-1897

  Samuel Rezneck, Rendigs Fels•The Economic History Review•1960

  Incluir item

• Overseas Investment in the Age of High Imperialism

  A G Ford, Michael Edelstein•The Economic History Review•1984

  Incluir item

• Money and Capital Markets in Postbellum America

  Richard Sylla, John James et al.•The Journal of Interdisciplinary…•1979

  Incluir item