© 2019

The US Financial System and its Crises

From the 1907 Panic to the 2007 Crash


Part of the Palgrave Studies in Economic History book series (PEHS)

Table of contents

  1. Front Matter
    Pages i-x
  2. Giorgio Pizzutto
    Pages 1-6
  3. Giorgio Pizzutto
    Pages 75-102
  4. Giorgio Pizzutto
    Pages 199-216
  5. Back Matter
    Pages 217-219

About this book


Looking at the precedents set by the panic of 1907 and the Great Depression in America, this book investigates the causes of the 2007-2008 financial crisis. Pizzutto examines the effects of monetary policy, as well as of expanding and contracting financial cycles, in order to analyze the breakdown of the money market and capital market circuits. Not only exploring the impact of the Federal Reserve and central banking on monetary policy, he also analyzes the role of non-bank financial intermediaries.

How can monetary policy resolve the instability of the US financial system? How can financial intermediation work effectively? This timely book highlights how historical lessons can be used to avoid the next financial crisis. 


US Financial System Financial crises American economic history Federal Reserve History of Finance US monetary policy The Great Depression The Great Recession Non-bank financial intermediaries World War Two economics Securitization Dealer financing The collateral market Spread compression Central banking history History of financial markets Panic of 1907 National Banking Act Housing Market Crash

Authors and affiliations

  1. 1.University of MilanMilanItaly

About the authors

Giorgio Pizzutto is Professor and Head of the Department of Economics, Management and Quantitative Methods at the University of Milan, Italy. 

Bibliographic information

Industry Sectors
Finance, Business & Banking