经济恐慌(panic)

经济学名词，指继市场崩溃後随之而来的银行大批倒闭、股票狂热投机的金融大混乱，或是经济危机所引起的或是预感危机到来的恐慌情绪。「恐慌」一词仅指金融市场强烈骚动的阶段，并不延伸到经济周期（参阅depression和recession）中整个下降时期。19世纪以前，经济起伏主要是与货物短缺、市场扩大和投机有关（参阅South Sea Bubble）。在19和20世纪工业化社会恐慌已反映出发达的经济日益增长的复杂性及其不稳定性的变化特点。1857年美国的经济恐慌是由於铁路部门不支付其到期债券以及铁路证券下跌而引起的。此次金融恐慌後果严重，它不仅导致多家银行倒闭，美国失业人数急遽增加，还给欧洲的金融市场带来恐慌。又如1873年恐慌，起源於维也纳和纽约的金融危机，它代表着全世界经济紧缩的开端。最严重的一次经济恐慌始於1929年美国的股市崩盘。亦请参阅Great Depression。

English version：

panic

In economics, a severe financial disturbance, such as widespread bank failures, feverish stock speculation followed by a market crash, or a climate of fear caused by economic crisis or anticipation of such a crisis. The term is applied only to the initial, violent stage of financial upheaval rather than the whole decline in the business cycle (see depression and recession). Until the 19th century, economic fluctuations were largely connected with shortages of goods, market expansion, and speculation (as in the South Sea Bubble). Panics in the industrialized societies of the 19th-20th century have reflected the increasing complexity of advanced economies. The Panic of 1857 in the U.S. had its seeds in the railroads' defaulting on their bonds and in the decline in the value of railroad securities; its effects were complex, including not only the closing of many banks but also severe unemployment in the U.S. and a money-market panic in Europe. The Panic of 1873, which began with financial crises in Vienna and New York, marked the start of a long-term contraction in the world economy. The greatest panic began with the U.S. stock-market crash of 1929 (see Great Depression).