Chapter 2
Banking Fragility, United States, 1790–2009
Outline
Banking Fragility in Theory and in Historical Reality
Central Banking and Bank Instability in US History
Summary of US Historical Experience
A Worldwide Tale of Two Banking Eras: 1875–1913 and 1978–2009
Introduction
What are banking crises and when and why do they occur? Banking crises properly defined consist either of moments of widespread and panicked depositor withdrawal or waves of costly bank failures. A historical analysis of banking crises reveals that they are not random events, cannot be seen as the inevitable result of human nature or the liquidity ...
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