 Other analysts have emphasized not the war-to-peace transition but the role of British speculation, under expansionary Monetary policy, in Latin American markets

Alexander Dick emphasizes that the crisis was unique in that it was not solely caused by external events like war or speculation in foreign markets, although those certainly played a role.Instead, he maintains that the crisis stemmed from the diversification of the financial economy.One factor cited by many analysts is the rapid spread of country banking during the industrial revolution and Victorian period.