An Historical Perspective on the Crisis of 2007-2008
This paper provides an historical perspective on the crisis of 2007-2008. The crisis is part of a perennial pattern. It has echoes in earlier big international financial crises which were triggered by events in the U.S. financial system. Examples include the crises of 1857, 1893 1907 and 1929-33. This crisis has many similarities to those of the past but also some important modern twists.
Remarks prepared for the Central Bank of Chile Twelfth Annual Conference on Financial Stability, Monetary Policy and Central Banking. Santiago, Chile November 6-7 2008
The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.