An Historical Perspective on the Crisis of 2007-2008
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NBER Working Paper No. 14569
Issued in December 2008
NBER Program(s): ME
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.
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