000			01993cam a22003137 4500
001			w3400
003			NBER
005			20211020114737.0
006			m o d
007			cr cnu||||||||
008			210910s1990 mau fo 000 0 eng d
100	1		_aMishkin, Frederic S.
245	1	0	_aAsymmetric Information and Financial Crises: _bA Historical Perspective / _cFrederic S. Mishkin.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c1990.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w3400
500			_aJuly 1990.
520	3		_aThis paper examines the nature of financial crises from a historical perspective using the new and burgeoning literature on asymmetric information and financial structure. After describing how this literature helps to understand the nature of financial crises, the paper focuses on a historical examination of a series of financial crises in the United States, beginning with the panic of 1857 and ending with the stock market crash of October 19,1987. The asymmetric information approach explains the patterns in the data and many features of these crises which are otherwise hard to explain. It also suggests why financial crises have had such important consequences for the aggregate economy over the past one hundred and fifty years.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE - Macroeconomics and Monetary Economics _2Journal of Economic Literature class.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w3400.
856	4	0	_uhttps://www.nber.org/papers/w3400
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w3400
942			_2ddc _cW-PAPER
999			_c345110 _d303672