Coping with Financial Crises

Hugh Rockoff is a distinguished professor of economics at Rutgers, The State University of New Jersey, and a research associate of the National Bureau of Economic Research. His research focuses on the history of monetary policy and financial regulation, and the economics of war. He is the author of books on the U.S. Free Banking Era and the history of price controls in the United States, and of many papers in professional journals. His latest book is America's Economic Way of War: War and the US Economy from the Spanish-American War to the Persian Gulf War. He is also the author, with Gary Walton, of a textbook: History of the American Economy. His undergraduate degree is from Earlham College and his Ph.D. from the University of Chicago. Isao Suto is a professor of economic history at Meiji University, Tokyo. He gained his Ph.D. in economics from Nagoya University. His books include Shaping of the Post-War FederalReserve Policy: From New Deal to the Accord (2008).

• 1 Reflections on the Evolution of Financial Crises: Theory, History and Empirics (Michael D. Bordo).- 2 The international contagion of short-run interest rates during the Great Depression(Samuel Maveyraud and Antoine Parent).- 3 Banking Crises and Lender of Last Resort in Theory and Practice in Swedish History, 1850 – 2010 (Anders Ögren).- 4 It is Always the Shadow Banks: The Regulatory Status of the Banks that Failed and Ignited America’s Greatest Financial Panics (Hugh Rockoff).- 5 Milton Friedman and Anna Schwartz on the Inherent Instability of Fractional Reserve Banking (Hugh Rockoff).- 6 Financial Crises and the Central Bank: Lessons from Japan during the 1920s (Masato Shizume).- 7 The Economic and Social Backgrounds of Top Executives of the Federal Reserve Before and After the Great Depression (Isao Suto).

“This collection of essays offers valuable insights into the various coping mechanisms by which governments respond to financial crises. The aficionado of financial crisis literature will also note the dedication of the volume to the memory of John James, a researcher of economic history and a colleague or mentor to many who toil in that field today. Well done.” (Robert F. Bruner, Journal of Economic Literature, Vol. 57, September, 2019)