A History of Share Prices

Chronology of financial crises and market panics from the Middle Ages to the present:

1255 Overexpansion of credit led to banking failures in 1255-62 in Italy

1294 Edward I default to the Ricciardi of Lucca during war with France
Great
1298 Seizure of the Gran Tavola of Sienna by Philip IV of France
Reflation
1307 Liquidation of the Knights Templar by Philip IV
1311 Edward II default to the Frescobaldi of Florence Tech, housing 2016
bubbles 2194
1326 Bankruptcy of the Scali of Florence and Asti of Sienna
1342 Edward III default to the Florentine banks during the Hundred Years War 2000 2007
1345 Bankruptcy of the Bardi and Peruzzi; depression, Great crash of the 1340s 1553 1576 1810
1380 Ciompi Revolt in Florence. Crash of the early 1380s 2016
1401 Italian bankers expelled from Aragon in 1401, England in 1403, France in 1410
1433 Fiscal crisis in Florence after wars with Milan and Lucca 1075
2011
1464 Death of Cosimo de Medici: loans called in; wave of bankruptcies in Florence Post Cold
1470 Edward IV default to the Medici during the Wars of the Roses War Era 769
2002 667
1478 Bruges branch of the Medici bank liquidated on bad debts 2009
1494 Overthrow of the Medici after the capture of Florence by Charles VIII of France 1987
1525 Siege of Genoa by Imperial troops; coup in 1527 338 436 Global
1994
1557 Philip II of Spain restructuring of debts inherited from Charles V Financial
Reagan 295 Crisis
1566 Start of the Dutch Revolt against Spain: disruption of Spanish trade Era 1990
1575 Philip II default: Financial crisis of 1575-79 affected Genoese creditors 2007-09
217
1596 Philip II default: Financial crisis of 1596 severely affected Genoese businessmen 1987
1607 Spanish state bankruptcy: failure of Genoese banks 1973
1968 120
1619 Kipper-und-Wipperzeit: Monetary crisis at the outbreak of the Thirty Years War 94.1
1627 Spanish bankruptcy: collapse of Genoese banks and the Fugggers
102
1637 End of the Dutch Tulipmania; also, Dutch East India Company shares, canals Post-War 1982
1648 French state bankruptcy, eliminated the Italian bankers Boom
1652 Outbreak of the First Anglo-Dutch War: attacks by Britain on Dutch shipping Roaring 69.3
Twenties 1970 62.3
1666 Second Anglo-Dutch War: disruption to the Dutch spice fleet 1974
52.3
1672 Rampjaar (Disaster Year) in Holland: French/English invasion 1929 1962
31.9 New 39.0 Oil shocks:
1696 English government debt crisis during the Nine Years War against France
Deal 1957
1705 English crisis during the War of the Spanish Succession against France Mass-production Stagflation
1720 Collapse of the South Sea Bubble in England and Mississippi Bubble in France (Fordism) 1937 1970s
18.7 22.7
1761 English government debt crisis over the Seven Years War against France 1953
1769 Collapse of the Bengal Bubble in East India Company stock Gilded Age
1772 Credit Crisis in London and the American colonies 1909
Vietnam War
1783 Economic depression in Britain and America after the Revolutionary War Reconstruction 1899 10.4 13.6 1955-75
6.85 1949
1792 Boom and bust in the First Bank of the United States after Hamiltons refunding Era
1881
1797 Land speculation bubble burst. Bank run in England on fear of French invasion 6.58
Canal/railroad booms 1869 7.47
1802 Boom and bust after the Peace of Amiens between Britain and France 5.27 1942
6.20
1807 Jeffersons Embargo Act: restriction of trade with Britain 1835 5.91 1921
1852 1914 WWII
1812 Outbreak of the War of 1812 against Britain 3.95
3.55 4.40
1819 Land bubble burst; bank failures. Tightening by the Second Bank of the U.S. Era of Good 4.23 1932 1939-45
1825 Emerging market (Latin America) bubble burst in London Feelings 1824 1885 3.50 WWI
2.42 1897 1914-18
1837 Collapse of bubbles in canals, cotton and land; run on banks Great
South Sea 2.73
1847 Collapse of railway boom in London (following Bank Charter Act) Land booms 1877 Depression
Bubble 2.06 Long
1857 Global market panic; railway bubble; failure of Ohio Life Co 1806
1929-33
1.76 1848 Depression
1866 Failure of Overend Gurney and Co. in London; banking crisis 1720 1.27
1.16 1829 1873-96
1869 Black Friday in NY: collapse of Gould and Fisk gold speculation 1800
1.00 1.34
Bengal 1857
1873 Railroad bubble; Jay Cooke failure; end of silver coinage 1794
Bubble 0.76 0.96
1877 Great Railroad Strike: deflation and wage cuts following the Panic of 1873 U.S. Civil
1842
1884 Tightening by NYC national banks; bank failures in NY 1768 0.74 War
Dutch Golden Age 0.53 1813 Hungry 1861-65
1893 Railroad bubble burst, bank failures, run on gold reserves; Sherman Silver Act 1731
1752
0.60
0.45 Forties
1896 Run on silver reserves; commodity price declines; National Bank of Illinois failure 0.42 0.54 1807
1649 1797 1837-44
1901 Cornering of Northern Pacific Railway stock 1671 1688
1907 Bankers Panic: cornering of United Copper Co; failure of Knickerbocker Trust Co 1641 0.31 0.30 0.31 1703
0.27 0.26 0.35 Napoleonic
1910 Enforcement of Sherman Anti-trust Act: breakup of Standard Oil Co 0.31 0.32 1746 0.31 Wars
1722 1733 0.28 1784
1913 Drain of gold reserves to Europe in lead-up to WWI 1762 1803-15
1921 Depression of 1920-21: demobilisation, monetary tightening; severe deflation
1929 Wall Street Crash/Black Tuesday: collapse of 1920s boom 0.19
0.20
1706
Seven Years American
1614 1657 0.18 War Revolution
1932 Great depression trough: widespread bank failures 1666 0.16
1607 0.111 1672 0.14 1775-83
1938 Monetary and fiscal tightening following New Deal: Roosevelt Recession 0.094 0.13 1696 1754-63
1636
1942 Response to Japanese/German successes in WWII 0.097 Anglo-Dutch
Age of the Genoese Wars against
1948 Monetary tightening by the Federal Reserve; recession of 1949 1624
Wars Louis XIV
1953 Monetary tightening to combat post-Korean War inflation in 1952 1652-74
1585 0.061 1688-1714
1957 Eisenhower Recession: monetary tightening to combat inflation 0.041 1618
1962 Kennedy Slide/Flash Crash; Cuban Missile Crisis
1969 Nixon Recession: monetary and fiscal tightening to combat inflation and deficit 0.041 Thirty Years War
1596
1974 Oil crisis (OPEC embargo). Rising inflation and unemployment: stagflation 1618-48
1509
1979 Energy crisis (Iranian Revolution): monetary tightening under Paul Volcker 0.020 1553 0.026
1982 Continued Fed tightening on energy crisis. Defaults by Mexico, Brazil, Argentina 0.018 1577 Dutch Revolt
1984 Continental Illinois bank failure and seizure by the FDIC 1568-1648
1987 Black Monday: global market crash, collapse of speculative boom
0.015 0.015
1990 Gulf War: spike in oil price; recession of 1990-92 1525 1566 Chart: yearly high-low-close bars (yearly closing data prior to 1709); log-linear scale
0.012
1994 Tequila Crisis: Mexico peso devaluation. Federal Reserve rate hikes 1555
1998 Asia crisis (began 1997), Russia default, LTCM failure Italian Wars Composite index: Genoa 1509-1601, Holland 1602-1692, Great Britain 1693-1788, the United States 1789-2016 (extended S&P 500 Index)
2001 Collapse of dotcom bubble; 9/11 attacks; corporate accounting scandals (Habsburg-Valois)
2008 Collapse of housing bubble; Global Financial Crisis; Lehman, AIG etc. failures 1494-1559
2011 US debt ceiling crisis and credit rating downgrade. Eurozone sovereign debt crisis
2015 End of the Federal Reserves zero interest rate policy (Q.E. ended 2014) Kieron Nutbrown, 2016

1250 1300 1350 1400 1450 1500 1550 1600 1650 1700 1750 1800 1850 1900 1950 2000 2050