The E-Sylum:  Volume 7, Number 4, January 25, 2004, Article 15

RELIVE THE 1857 BANK PANIC

  Len Augsberger writes: "Students of economic history should
  enjoy this:

Kelly Contagion

  The authors have uncovered an interesting facet of market
  panics - this in relation to the Panic of 1857 - the contagion
  spread geographically in New York City, and not only that,
  but it spread among the Irish immigrants in relation to what
  parts of Ireland they had come from.  The effect demonstrates
  how social relationships in Ireland were preserved on the west
  side of the pond, and furthermore how those relationships
  divided "panickers" and "stayers".  Computer geeks will
  appreciate their use of a "decision matrix" in isolating
  demographic criteria.

  That the raw data required to write this paper even exists is
  amazing - a single bank in New York collected large amounts
  of demographic data on their customers and today the data
  can now be analyzed with nearly 150 years of hindsight
  along with the aids of modern technology.

  Wayne Homren, Editor

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