Financial system/Timelines: Difference between revisions
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==1200 to 1933: financial turmoil== | |||
* 1244 Genoa's Leccacorvo bank[http://ehistory.osu.edu/world/articles/ArticleView.cfm?AID=59] | * 1244 Genoa's Leccacorvo bank[http://ehistory.osu.edu/world/articles/ArticleView.cfm?AID=59] | ||
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* 1929 [[Crash of 2009]] | * 1929 [[Crash of 2009]] | ||
* 1930 [[Great Depression]] | * 1930 [[Great Depression]] | ||
==1933 to 1980: financial stability== | |||
* 1933 [[New Deal]]<br>US Glass-Steagall Act - created the Federal Deposit Insurance Corporation[http://www.fdic.gov/about/history/index.html]. Separated commercial banking from investment banking.[[http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html] | * 1933 [[New Deal]]<br>US Glass-Steagall Act - created the Federal Deposit Insurance Corporation[http://www.fdic.gov/about/history/index.html]. Separated commercial banking from investment banking.[[http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html] | ||
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* 1974 The Basel Committee for Banking Supervision[http://www.bis.org/bcbs/] created. | * 1974 The Basel Committee for Banking Supervision[http://www.bis.org/bcbs/] created. | ||
==1980 to 2007: deregulation, innovation and growth== | |||
* 1980 US Depository Institutions Deregulation and Monetary Control Act[http://www.bos.frb.org/about/pubs/deposito.pdf] | * 1980 US Depository Institutions Deregulation and Monetary Control Act[http://www.bos.frb.org/about/pubs/deposito.pdf] | ||
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* 2006 Basel II[http://www.bis.org/publ/bcbsca.htm] (Revised International Capital Framework] | * 2006 Basel II[http://www.bis.org/publ/bcbsca.htm] (Revised International Capital Framework] | ||
==2007 to 2009: financial turmoil again== | |||
* 2007 [[Subprime mortgages crisis]] | * 2007 [[Subprime mortgages crisis]] | ||
Revision as of 03:52, 12 June 2009
1200 to 1933: financial turmoil
- 1244 Genoa's Leccacorvo bank[1]
- 1609 Amsterdam Wisselbank founded[2] - the first central bank.
- 1637 Dutch tulip bubble[3]
- 1694 Formation of the Bank of England[4]
- 1717 Britain adopts the Gold standard[5]
- 1720 South Sea Bubble[6]
- 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[[7]
- 1890 Barings bank rescued
- 1913 US Federal Reserve Act - established the Federal Reserve System [8]
- 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[9]. Separated commercial banking from investment banking.[[10]
- 1933 United States leaves the gold standard.
- 1944 Bretton Woods Agreement[11] 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[12]. Most exchange rates allowed to float.
- 1974 The Basel Committee for Banking Supervision[13] created.
1980 to 2007: deregulation, innovation and growth
- 1980 US Depository Institutions Deregulation and Monetary Control Act[14]
- 1987 Global stock market crash[18]
- 1987 First CDOs issued [19]
- 1988 Basel I[20] (The Basel Capital Accord)
- 1989 LTCM hedge fund rescued[21]
- 1997 First Credit Default Swap (CDS) issued[22]
- 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[25] created
- 1999 The European Monetary Union[26]
- 2006 Basel II[27] (Revised International Capital Framework]
2007 to 2009: financial turmoil again
- 2008 Crash of 2008
- 2009 Recession of 2009