Liquidity and Contagion: The Crisis of 1763
分析1763年席卷北欧的金融危机，指出其与近代金融困境高度相似，通过合约安排、信贷关联和高杠杆引发资产抛售和流动性危机，是资产负债表侧传染的早期案例。
The financial crisis that swept across northern Europe in 1763 bears a strong resemblance to more recent episodes of financial distress. The combination of the specific contractual arrangements at the time, interlocking credit relationships, and the high leverage of market participants triggered distress sales of assets, leading to a severe liquidity crisis. Hence, the crisis is an early instance of contagion on the asset side of the balance sheet. We highlight the salient features of the 1763 crisis and propose a stylized model of the events. While the financial institutions have changed fundamentally in the intervening 200 or so years, the underlying problems appear to be universal.