@techreport{f5c2b34757a5472190d06516ca0210fe,
title = "The Macroeconomic Effects of Banking Crises: Evidence from the United Kingdom, 1750-1938",
abstract = "This paper investigates the macroeconomic effects of UK banking crises over the period 1750 to 1938. We construct a new annual banking crisis series using bank failure rate data, which suggests that the incidence of banking crises was every 32 years. Using our new series and a narrative approach to identify exogenous banking crises, we find that industrial production contracts by 8.2 per cent in the year following a crisis. This finding is robust to a battery of checks, including different VAR specifications, different thresholds for the crisis indicator, and the use of a capital-weighted bank failure rate.",
keywords = "banking crisis, bank failures, narrative approach, macroeconomy, United Kingdom, E32, E44, G21, N13, N14, N23, N24",
author = "Se{\'a}n Kenny and Jason Lennard and Turner, {John D.}",
year = "2017",
language = "English",
series = "Lund Papers in Economic History: General Issues",
publisher = "Department of Economic History, Lund University",
number = "165",
type = "WorkingPaper",
institution = "Department of Economic History, Lund University",
}