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A Brief History of the 1987 Stock Market Crash with a Discussion of the Federal Reserve Response

Apart from the doubtful quality of many of the new issues, an important case which shook the markets in early 1995 was the Rs. 350 crore Fully Convertible Debentures (FCD) issue of M.S. Shoes. The company was accused of inadequate disclosures. Taking advantage of free pricing of issues, many companies charged high premium. But the post-listing returns proved to be disappointing. In the post- liberalisation period a good number of companies were not only non-manufacturing ones, but the purpose of issue also varied from project finance to working capital. In terms of numbers, about one-third of the issues were by. | Finance and Economics Discussion Series Divisions of Research Statistics and Monetary Affairs Federal Reserve Board Washington D.C. A Brief History of the 1987 Stock Market Crash with a Discussion of the Federal Reserve Response Mark Carlson 2007-13 NOTE Staff working papers in the Finance and Economics Discussion Series FEDS are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. References in publications to the Finance and Economics Discussion Series other than acknowledgement should be cleared with the author s to protect the tentative character of these papers. A Brief History of the 1987 Stock Market Crash with a Discussion of the Federal Reserve Response Mark Carlson Board of Governors of the Federal Reserve November 2006 Abstract The 1987 stock market crash was a major systemic shock. Not only did the prices of many financial assets tumble but market functioning was severely impaired. This paper reviews the events surrounding the crash and discusses the response of the Federal Reserve which responded in a number of ways to support the operation of financial markets including the provision of liquidity in a highly visible fashion. JEL classification E58 G18 N22 Key words lender of last resort financial stability Federal Reserve stock market crash Board of Governors of the Federal Reserve 20th Street and Constitution Avenuel Washington DC 20551. Mark.A.Carlson@frb.gov. The author is grateful to Bill English Bill Nelson Roberto Perli and other Federal Reserve staff for helpful comments. Kristen Payne provided valuable research assistance. All errors are my own. The views presented in this paper are solely those of the author and do not necessarily represent those of the Federal Reserve Board or its staff. On October 19 1987 the stock market along with the associated futures