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Savings bank depositors in a crisis: Glasgow 1847 and 1857

Savings bank depositors in a crisis: Glasgow 1847 and 1857 Savings banks were created as a means to encourage the newly created working class to save for the uncertainties of urban industrial life. This article explores the success of the Savings Bank of Glasgow, and pays particular attention to the response of savers to the financial and commercial crises of 1847 and 1857. The crisis of 1847 was shallower but longer lasting in Glasgow, while that of 1857 was greatly exacerbated by local conditions in the short term, but of little long-term importance to savers. It suggests that, in both crises, some elements of contagion may have been present but that those who panicked in 1857 were systematically different from those who did not. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Financial History Review Cambridge University Press

Savings bank depositors in a crisis: Glasgow 1847 and 1857

Financial History Review , Volume 20 (2): 26 – Jun 24, 2013

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References (58)

Publisher
Cambridge University Press
Copyright
Copyright © European Association for Banking and Financial History e.V. 2013 
ISSN
1474-0052
eISSN
0968-5650
DOI
10.1017/S0968565013000103
Publisher site
See Article on Publisher Site

Abstract

Savings banks were created as a means to encourage the newly created working class to save for the uncertainties of urban industrial life. This article explores the success of the Savings Bank of Glasgow, and pays particular attention to the response of savers to the financial and commercial crises of 1847 and 1857. The crisis of 1847 was shallower but longer lasting in Glasgow, while that of 1857 was greatly exacerbated by local conditions in the short term, but of little long-term importance to savers. It suggests that, in both crises, some elements of contagion may have been present but that those who panicked in 1857 were systematically different from those who did not.

Journal

Financial History ReviewCambridge University Press

Published: Jun 24, 2013

Keywords: savings banks; Scotland; banking crises; working-class savings; G1; G21; N13; N23

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