By Elmus Wicker
This is often the 1st significant research of post-Civil warfare banking panics in nearly a century. the writer has developed for the 1st time estimates of financial institution closures and their occurrence in all of the 5 separate banking disturbances. the writer additionally reevaluates the position of the hot York Clearing condo in forestalling a number of panics and explains why it did not accomplish that in 1893 and 1907, concluding that structural defects of the nationwide Banking Act weren't the first reason for the panics.
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