当繁荣融入危机:俄亥俄州生命的衰亡,银行停牌的政治经济,以及1857年的恐慌

Timothy J. Riddiough, H. Thompson
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引用次数: 3

摘要

关于1857年8月24日俄亥俄人寿保险公司破产的确切原因,以及破产与随后的恐慌之间是否存在因果关系,历史记录仍然不完整。利用新的信息来源,我们对文献做出了三个主要贡献。首先,我们详细分析了俄亥俄人寿的首席出纳Edwin Ludlow如何以及为什么挪用资金来支持他的股票和债券市场操作。其次,我们表明,当俄亥俄人寿破产时,恐慌随之而来的是银行资产过渡到信息敏感状态。第三,我们通过揭示纽约州银行监管的一个关键漏洞,表明俄亥俄人寿的失败和随后的州过渡在银行之间造成了重大的不确定性和滞后。我们得出的结论是,正是俄亥俄人寿公司失败的方式将其与1857年的恐慌联系起来。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
When Prosperity Merges into Crisis: The Decline and Fall of Ohio Life, Political Economy of Bank Suspension, and the Panic of 1857
The historical record has remained incomplete as to exactly why the Ohio Life failed on August 24, 1857 and what, if any, causal connection existed between the failure and the subsequent panic. Using new information sources, we make three main contributions to the literature. First, we conduct a detailed analysis of how and why Ohio Life’s head cashier, Edwin Ludlow, misappropriated funds to support his stock and bond market operations. Second, we show that when Ohio Life collapsed panic ensued with bank assets transitioning into an information sensitive state. Third, we show that Ohio Life’s failure and the subsequent state transition caused significant uncertainty and hysteresis amongst banks by revealing a critical vulnerability in New York state bank regulation. We conclude that is was the manner in which Ohio Life failed that links it to the panic of 1857.
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