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The downturn was exacerbated by the absence of any significant interstate trade.

Other factors were the British refusal to conclude a commercial treaty, and actual and pending defaults among debtor groups.

The panic of 1785, which lasted until 1788, ended the business boom that followed the American Revolution.

The causes of the crisis lay in the overexpansion and debts incurred after the victory at Yorktown, a postwar deflation, competition in the manufacturing sector from Britain, and lack of adequate credit and a sound currency.

During that same time the Panic of 1792 took place.

Its causes included the extension of credit and excessive speculation.

Attempts have been made to date recessions in America beginning in 1790.

These periods of recession were not identified until the 1920s.

recessions have increasingly affected economies on a worldwide scale, especially as countries' economies become more intertwined.The panic that was largely solved by providing banks the necessary funds to make open market purchases.Just as a land speculation bubble was bursting, deflation from the Bank of England (which was facing insolvency because of the cost of Great Britain's involvement in the French Revolutionary Wars) crossed to North America and disrupted commercial and real estate markets in the United States and the Caribbean, and caused a major financial panic.However, a standardized index does not exist for the earliest recessions.In 1791, Congress chartered the First Bank of the United States to handle the country's financial needs.