Why Bank Panics Matter Cross-Disciplinary Economic Theory
Bank panics have always mattered because they create serious disruptions in economic and financial activity, depressing national economies. But they matter even more now, as information and communications technologies have stitched together a global
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Frederick Betz
Why Bank Panics Matter Cross-Disciplinary Economic Theory
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SpringerBriefs in Economics
For further volumes: http://www.springer.com/series/8876
Frederick Betz
Why Bank Panics Matter Cross-Disciplinary Economic Theory
Frederick Betz Portland State University Portland, ON, USA
ISSN 2191-5504 ISSN 2191-5512 (electronic) ISBN 978-3-319-01756-3 ISBN 978-3-319-01757-0 (eBook) DOI 10.1007/978-3-319-01757-0 Springer Cham Heidelberg New York Dordrecht London Library of Congress Control Number: 2013949284 © Springer International Publishing Switzerland 2014 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher's location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
For Nancy, My Lovely Wife
Preface
Bank panics have always mattered, because they are devastating to national economies, creating recessions and sometimes depressions. Previously, bank panics were national, depressing only a nation. But now they can be global, capable of breaking the economies of not one but several nations. The reason that bank panics are now global is due to information technology (computers and the Internet), which has stitched together a global financial system. But the whole global financial system is unregulated. Can we understand how such a global financial system evolved, but with technology so far ahead of proper regu
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