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dc.contributor.authorStewart, Samantha Alexandria Nicole
dc.description.abstractThere is significant knowledge that one can glean from the Panic of 1907, as it was the recession that led to the creation of the Federal Reserve and the passage of the Clayton Act. This paper will explore the causes of the Panic of 1907 by expanding upon research already completed on the recession. A significant portion of this research will explore the international economy in 1907, as the Panic of 1907 began abroad and spread to the United States. The U.S. moved completely to the gold standard in 1900, a move that the economy more dependent on international markets. While economists know that there was some disturbance in the European market prior to autumn 1907, the extent to which international interdependency caused the Panic in the U.S. to spread is less certain. Additionally, as Alan Greenspan pointed out, there are some similarities between the 1907 recession and today’s recession. The market in the early 1900s was greatly impacted by an influx of new financial instruments that encouraged people to invest. Similarly, the options and futures market grew significantly in the past few years. While the market in 1907 was deeply flawed in that it lacked a central bank, there is still much to be learned about the solutions employed to end the Panic. For instance, one of the early attempts to end the Panic involved giving money to banks—the same solution utilized by the Federal Reserve today. In determining the causes of the Panic of 1907 and evaluating the attempted solutions to end the Panic, I research hope to shed some light on today’s recession.
dc.subjectThe Panic of 1907, Recession, Gold standard, The Federal Reserve, National Banking Act, Credit default swaps, Secretary of the Treasury, Bank of England, Knickerbocker Trust Company
dc.titleCauses of the Panic of 1907 and its implications for the future
dc.description.advisorFred Bateman
dc.description.committeeFred Bateman
dc.description.committeeDavid Robinson

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