Financial system/Timelines: Difference between revisions
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''(for an annotated timeline of [[bank failures and rescues]] see the timelines subpage of the article on that subject[http://en.citizendium.org/wiki/Bank_failures_and_rescues/Timelines#1940_to_2007].)'' | |||
==1200 to 1933: financial turmoil== | ==1200 to 1933: financial turmoil== | ||
Revision as of 05:13, 12 June 2009
(for an annotated timeline of bank failures and rescues see the timelines subpage of the article on that subject[1].)
1200 to 1933: financial turmoil
- 1244 Genoa's Leccacorvo bank[2]
- 1609 Amsterdam Wisselbank founded[3] - the first central bank.
- 1637 Dutch tulip bubble[4]
- 1694 Formation of the Bank of England[5]
- 1717 Britain adopts the Gold standard[6]
- 1720 South Sea Bubble[7]
- 1864 US National Bank Act - established a national banking system and the chartering of national banks.
- 1837 US banking crisis
- 1844 UK Bank Charter Act
- 1866 Overend and Gurney bank rescued[[8]
- 1890 Barings bank rescued
- 1913 US Federal Reserve Act - established the Federal Reserve System [9]
- 1929 Crash of 2009
- 1930 Great Depression
1933 to 1980: financial stability
- 1933 New Deal
US Glass-Steagall Act - created the Federal Deposit Insurance Corporation[10]. Separated commercial banking from investment banking.[[11]
- 1933 United States leaves the gold standard.
- 1944 Bretton Woods Agreement[12] US dollar convertible to gold at 35$/oz and other currencies fixed to dollar. International Monetary Fund created.
- 1971 The US dollar no longer convertible to gold[13]. Most exchange rates allowed to float.
- 1974 The Basel Committee for Banking Supervision[14] created.
1980 to 2007: deregulation, innovation and growth
- 1980 US Depository Institutions Deregulation and Monetary Control Act[15]
- 1986 US Savings and Loans crisis[[1]]
- 1987 Global stock market crash[19]
- 1987 First CDOs issued [20]
- 1988 Basel I[21] (The Basel Capital Accord)
- 1989 LTCM hedge fund rescued[22]
- 1997 First Credit Default Swap (CDS) issued[23]
- 1999 US Gramm-Leach-Bliley Act - repealed the Glass Steagall Act of 1933, and introduced other changes including expanding the Federal Home Loan Bank System.
- 1999 The Financial Stability Forum[26] created
- 1999 The European Monetary Union[27]
- 2006 Basel II[28] (Revised International Capital Framework]
2007 to 2009: financial turmoil again
- 2008 Crash of 2008
- 2009 Recession of 2009