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[Timeline and narrative of the crisis. Potential significance of the episode as a peacetime financial crisis of private credit, close to the beginning of the Industrial Revolution. Important claims about the episode, regarding the Free Banking experience in Scotland, the action of financial...
[An investigation on whether economic growth and financial activity in 1763–72 were such as to give rise to a Minsky bubble as per the well-known narrative of financial crises given by Charles Kindleberger. There is no evidence of a growth spike in the economy, of the equity and banking capital...
[An examination on whether the crisis was brought about by excessive speculation or whether poorly thought-out new legislation in the 1760s destabilised the economy by encouraging excessive risk-taking among market participants, especially the notorious Ayr Bank in Scotland. It is unlikely that...
[The intervention by the BOE to contain the crisis was unprecedented in this century in terms of size and in the selection of instruments employed. Its motives cannot be established directly through surviving evidence, but there was widespread contemporary expectation of the BOE containing the...
[The impact of the crisis was deep but of short duration. This was the case both in terms of the broader economy and in those of the development of finance. In the latter case innovation in banking continued apace, even in Scotland, where the unwinding of the Ayr Bank caused severe distress in...
[The evidence presented concludes that the Minsky-Kindleberger narrative does not apply to the period before the crisis. There was no bubble. The cause of the crisis can be found in business and funding practices that created avenues of financial contagion. Once the initial shock hit, distress...
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