Real Shock, Monetary Aftershock: The 1906 San Francisco Earthquake and the Panic of 1907
Real Shock, Monetary Aftershock: The 1906 San Francisco Earthquake and the Panic of 1907
复制标题
真正的冲击，货币余震：1906 年旧金山地震和 1907 年恐慌
DOI：
10.1017/s0022050704043062
复制
发表时间：
2002
期刊：
影响因子：
--
通讯作者：
Marc Weidenmier
中科院分区：
文献类型：
--
作者：
K. Odell;Marc Weidenmier
1906年4月，旧金山地震和火灾造成的损失相当于国民生产总值的1%以上。尽管这场冲击的实际影响是局部的，但它产生了国际金融影响：1906年秋，随着外国保险公司用国内资金支付旧金山保单的索赔，大量黄金流入美国。这种资金外流促使英格兰银行歧视美国的金融票据，并与其他欧洲央行一起提高利率。这些政策将美国推入了衰退，并为1907年的恐慌埋下了伏笔。旧金山价值200,000,000美元的“火山灰”涉及复杂的问题，所有金融市场在未来几个月都会感受到这一点[以及]对…遭受的损失的支付代表着一项影响深远的金融事业…《金融时报》[伦敦]，1906年7月6日
In April 1906 the San Francisco earthquake and fire caused damage equal to more than 1 percent of GNP. Although the real effect of this shock was localized, it had an international financial impact: large amounts of gold flowed into the country in autumn 1906 as foreign insurers paid claims on their San Francisco policies out of home funds. This outflow prompted the Bank of England to discriminate against American finance bills and, along with other European central banks, to raise interest rates. These policies pushed the United States into recession and set the stage for the Panic of 1907. San Francisco's $200,000,000 “ash heap” involves complications which will be felt on all financial markets for many months to come [and] the payment of losses sustained … represents a financial undertaking of far-reaching magnitude….The Financial Times [London], 6 July 1906