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1、1IntroductionTherearefewsubjectsonwhichthereismoreloosetheorizingthanthatoftheoriginandremedyofpanics.Thesecrisesarecommonlyspokenofasaccidentalfreaksofthemarkets,duetoantecedentreck-lessspeculation,controlledintheirprogressbytheactsofmenandbankswhohavelosttheirsenses,butq
2、uiteeasilyprevented,andaseasilycuredwhentheyhappen.Thesearethenotionsofsurfaceobservers.HENRYCLEWS,FiftyYearsonWallStreet(1908)Youwouldnotbereadingthissentencewereitnotforthe?nancialcrisisof20072008.Sadly,itistherealityofthateventthatperhapsmakesthisbookrelevant.Thisbookco
3、llectsmanyoftheresearchpapersonbanks,banking,and?nancialcriseswhichIworkedonoverthepast30orsoyears,paperswhichgavemetheframeworkforunderstandingthe?nancialcrisisof20072008.BycollectingthesepapersinoneplaceIhopetoconvincethereaderoftheneces-sityofahistoricalvantagepointforu
4、nderstandingtheeconomicsofbankingandbankingcrises.Thepapersinthisvolumespanalmost175yearsofU.S.bankinghistory,frompreU.S.CivilWarprivatebanknotesissuedduringtheU.S.FreeBankingEra(18371863),followedbytheU.S.NationalBankingEra(18631914)beforetherewasacentralbank,throughloans
5、ales,securitization,andthe?nancialcrisisof20072008.Duringthese175years,bankingchangedprofoundlyandyetdidnotchangeinfundamentalways.Theformsofmoneychanged,withassociatedchangesintheinformationstructureandinfrastructureoftheeconomy.Bankdebtevolvedasaninstrumentforstoringvalu
6、e,smoothingconsumption,andfortransactions,butitsfundamentalnaturedidnotchange.Inallitsforms,itisvulnerabletobankruns,withoutgovernmentintervention.Thatdidnotchange.Themessagethatshort-termbankdebt,inallitsforms,isvulnerabletobankrunsisdeliveredby?nancialhistory.Theideathat
7、?nancialcrisesare2INTRODUCTIONfundamentallythesamehasbeenintuitivelynotedforoveracenturyandahalf,perhapslonger.Forexample,BenBernanke(2013):Therecentcrisisechoedmanyaspectsofthe1907panic.WallStreetJournal,December16,1907(p.1):Insomanywaysdoesthepanicof1907resemblethatof185
8、7.AndonDecember23,1907:[I]tiswellworthwhiletocomparethecrisisof1907withthatof1873(WSJ,p.1
