Financial Crises of the 1970s and 1980s: Causes, Developments, and Government Responses
This document also available in PDF Image . Financial panics have emerged over the last two decades as irregular, yet continuing, disturbances in the economy. Virtually all of them have involved the banking system, so that the Federal Reserve has often acted as lender of last resort to contain the damage. The Federal Government has often performed direct damage control through congressional initiatives: public laws. In yet other cases, the private sector has largely recovered by itself. With increasing volatility of financial markets, Congress may have to focus more attention on "bailout" mechanisms that lessen teh contagion of these infections of finance. a timely case is that of savings and loan associations. Their rescue may involve looking back to solutions to financial crises of recent years. This report accordingly provides analyses of sixteen selected domestic financial crises (in chronological order) to which the savings and loan crisis may be logically compared, especially with respect to the governmental role in their resolution.
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