Financial system/Timelines

(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

(for an account of developments during this period see paragraphs 4.1 to 4.4 of the article on banking.)

• 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[]

• 1986 UK Building Societies Act [16][17]
  and stock exchange "Big Bang"[18].

• 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]

• 1997 Asian banking crisis[24][25].

• 1999 US Gramm-Leach-Bliley Act - repealed the Glass Steagall Act of 1933, and introduced other changes including expanding the Federal Home Loan Bank System.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

• 2007 Subprime mortgages crisis

• 2008 Crash of 2008

• 2009 Recession of 2009