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- Title
A Failure of Regulation? Reinterpreting the Panic of 1907.
- Authors
Hansen, Bradley A.
- Abstract
Lax regulation enabled trust companies to take excessive risks, according to previous studies of the Panic of 1907, leading to a loss of confidence and massive runs. These studies have, however, given relatively little attention to the historical development of trust companies. This article argues that a more historical perspective can lead to a better understanding of the institutional framework and the actions of trust companies. Depositors did not lose confidence because of inadequate regulation; depositors lost confidence in specific trust companies because of false rumors, and diversity among trust companies hindered cooperation to halt the Panic.
- Subjects
NEW York (State); NEW York (N.Y.); UNITED States; PANIC of 1907 (U.S.); TRUST companies; BANKING industry; BANK runs; RUMOR; BANKING laws; UNITED States history -- 1901-1909; UNITED States history, 1865-1921; UNITED States economy; TWENTIETH century; HISTORY
- Publication
Business History Review, 2014, Vol 88, Issue 3, p545
- ISSN
0007-6805
- Publication type
Article
- DOI
10.1017/S0007680514000439