Abstract
In this chapter we look at the crash in October 1929 — where stock prices fell by 45 per cent over the last weeks of October — the credit system that developed around the NYSE, and the policy of the Federal Reserve Board towards the boom. What we will see is that an unusual credit system developed to circumvent the Federal Reserve Board’s policy to stop the boom, following the fears of credit growth that they had expressed in 1927 and earlier.
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© 2014 Ali Kabiri
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Kabiri, A. (2014). The October Crash of 1929 and the NYSE Credit System. In: The Great Crash of 1929. Palgrave Studies in the History of Finance. Palgrave Macmillan, London. https://doi.org/10.1057/9781137372895_6
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DOI: https://doi.org/10.1057/9781137372895_6
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-47637-4
Online ISBN: 978-1-137-37289-5
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)