Manias, panics, and crashes : a history of financial crises

Manias, Panics and Crashes was first published in 1978, and dealt with financial crises that were, for the most part, before World War II. Black Monday of October 1987, along with more research especially on the years from 1880 to 1893 indicated a need for a second look. The third edition had its stimulus in the Japanese crash of January 1990, the effects of which carried through to decade. This new fourth edition covers the striking troubles of Mexico in 1994-95 and East Asia in 1997-98. "Manias, Panics, and Crashes probes the most recent natural disasters of the markets - from Black Monday to the Japanese boom and bust, from the sterling crisis and peso devaluation to the explosion in today's technology stocks.". "Kindleberger's writing leads the reader through a myriad of financial free falls. From the currency devaluation in the Holy Roman Empire in 1618, through the California gold rush of the 1840s and '50s to the crash of 1987, all the way up to the present day, his sharply drawn history confronts a host of key questions: In the ups and downs of market behavior, where is the line between rational and irrational? Are the markets a fool's paradise in an explosive world? When the storm expands to dangerous proportions, who will calm the panic? Should a "lender of last resort" intervene to repair the wreckage?" "Manias, Panics, and Crashes can be regarded as a warning or a proposition, reminding readers, in many ways, that what goes around comes around. Like all true classics, Kindleberger's book remains timely - for better or for worse."--BOOK JACKET. Manias, Panics and Crashes, Fifth Edition is a scholarly and entertaining account of the way that mismanagement of money and credit has led to financial explosions over the centuries. Covering such topics as the history and anatomy of crises, speculative manias, and the lender of last resort, this book has been hailed as 'a true classic ... both timely and timeless.' In this new, updated Fifth Edition, Kindleberger and Aliber expand upon the ideas presented in the previous edition, and include two new chapters on the real estate price bubble that ocurred in Norway, Sweden and Finland at the end of the 1980s, and the three asset price bubbles that occurred between 1985 and 2000 in Japan and other Asian countries. Selected as one of the best investment books of all time by the Financial Times, Manias, Panics and Crashes puts the turbulence of the financial world in perspective Front Matter....Pages i-viii Financial Crisis: a Hardy Perennial....Pages 1-20 Anatomy of a Typical Crisis....Pages 21-32 Speculative Manias....Pages 33-54 Fueling the Flames: the Expansion of Credit....Pages 55-76 The Critical Stage....Pages 77-96 Euphoria and Economic Booms....Pages 97-105 International Contagion....Pages 106-122 Bubble Contagion: Tokyo to Bangkok to New York....Pages 123-142 Frauds, Swindles, and the Credit Cycle....Pages 143-175 Policy Responses: Letting it Burn Out, and Other Devices....Pages 176-194 The Domestic Lender of Last Resort....Pages 195-210 The International Lender of Last Resort....Pages 211-238 The Lessons of History and the Most Tumultuous Decades Ever....Pages 239-255 Back Matter....Pages 256-309 'Charles Kindleberger has written, with great polish and style, an analysis of the stages of financial crises over the last two and a half centuries.' - Patrick Minford, Economic Journal 'Manias, Panics and Crashes is a scholarly account for the way that mismanagement of money and credit has led to financial explosions over the centuries.' - Richard Lambert, Financial Times 'Professor Kindleberger has the welcome gifts of carrying lightly an immense weight of learning and of always using his imagination in deciding how to deploy it. These gifts are as evident as ever in his latest book.' - W.Ashworth, Economic History Review This volume was first published in 1978, and dealt with financial crises that were mostly pre-World War II. Subsequent editions dealt with topical crises of their time. This fourth edition covers the striking troubles of Mexico in 1994-95 and East Asia in 1997-98. In this fourth edition of the bestseller in which Kindleberger analysed the stages of financial crises over the last two centuries, there is an analysis of the striking troubles of Mexico in 1994-95 and East Asia in 1997-98