Banking Panics in the US: 1873-1933

Elmus Wicker

Economic History
Macroeconomics and Monetary Economics

Article

Prior to the passage of deposit insurance legislation in 1933 banking panics were a recurrent feature of U.S. banking history. Three phases of that panic experience can be identified depending upon the type of regulatory framework in place: the pre-Civil War era, the National Banking era, and the era of the Federal Reserve System.