Real Shock, Monetary Aftershock: The 1906 San Francisco Earthquake and the Panic of 1907

@article{Odell2004RealSM,
  title={Real Shock, Monetary Aftershock: The 1906 San Francisco Earthquake and the Panic of 1907},
  author={Kerry A. Odell and Marc D. Weidenmier},
  journal={The Journal of Economic History},
  year={2004},
  volume={64},
  pages={1002 - 1027}
}
In April 1906 the San Francisco earthquake and fire caused damage equal to more than 1 percent of GNP. Although the real effect of this shock was localized, it had an international financial impact: large amounts of gold flowed into the country in autumn 1906 as foreign insurers paid claims on their San Francisco policies out of home funds. This outflow prompted the Bank of England to discriminate against American finance bills and, along with other European central banks, to raise interest… Expand
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