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British Financial Crises since 1825$
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Nicholas Dimsdale and Anthony Hotson

Print publication date: 2014

Print ISBN-13: 9780199688661

Published to Oxford Scholarship Online: November 2014

DOI: 10.1093/acprof:oso/9780199688661.001.0001

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Do Financial Crises Lead to Policy Change?

Do Financial Crises Lead to Policy Change?

Chapter:
(p.174) 10 Do Financial Crises Lead to Policy Change?
Source:
British Financial Crises since 1825
Author(s):

Youssef Cassis

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199688661.003.0010

This chapter reviews financial crises and the regulatory responses which followed them. A clear contrast can be drawn between the Baring crisis of 1890, which led to little change in the organization of financial markets in London, and the New York panic of 1907 which prompted a major review of the US financial system and the setting up of the Federal Reserve System in 1913. The system was tested again in the Great Depression and found to be seriously defective and led to the New Deal reforms. The neoliberal view became predominant in Anglo-Saxon countries during the Thatcher government and Reagan administration, leading to reduced state intervention. This was not challenged until the crisis of 2007–8.

Keywords:   regulation, Basel, capital, financial, crisis, government

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