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Market contagion : evidence from the panics of 1854 and 1857

Regulatory authorities have always been reluctant to grant the permission for entering lending business to savings banks. However, a certain number of (postal) savings banks (e.g., “Caisse Nationale d’Epargne et de Prévoyance” (Algeria), (Botswana) Savings Bank, Caixa Economica (Cape Verde), Housing Finance Company Bank (Ghana), “Banque de l’Habitat” (Mali), Savings and Social Development Bank (Sudan), Post Bank (Uganda), (Tanzania) Postal bank, National Savings and Credit Bank (Zambia), and People’s Owned Savings Bank (Zimbabwe)) have managed to secure this permission from their authorities. And, whenever savings banks engage into lending, their market focus is hardly to extend microcredits but to develop.