Financial contagion and market intervention in the 1772-3 credit crisis

Research output: Working paper


The 1772-3 credit crisis impressed its contemporaries for its suddenness, geographical range, and for arising during a time of relative peace and robust economic growth. It also arguably displayed an early instance of a Lender of Last Resort (LLR) in action, some thirty years before the classical articulation of the concept. This paper investigates whether financial contagion was at work in 1772-3, and describes its possible routes of transmission. It furthermore identifies the agents of market intervention, and discusses whether theirs was a conscious policy to limit systemic risk, or ad hoc mprovisation in response to other considerations.
Original languageEnglish
Number of pages64
Publication statusPublished - Oct 2014

Publication series

NameCambridge Working Papers in Economic and Social History


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