經濟學名詞，指繼市場崩潰後隨之而來的銀行大批倒閉、股票狂熱投機的金融大混亂，或是經濟危機所引起的或是預感危機到來的恐慌情緒。「恐慌」一詞僅指金融市場強烈騷動的階段，並不延伸到經濟週期（參閲depression和recession）中整個下降時期。19世紀以前，經濟起伏主要是與貨物短缺、市場擴大和投機有關（參閲South Sea Bubble）。在19和20世紀工業化社會恐慌已反映出發達的經濟日益增長的複雜性及其不穩定性的變化特點。1857年美國的經濟恐慌是由於鐵路部門不支付其到期債券以及鐵路證券下跌而引起的。此次金融恐慌後果嚴重，它不僅導致多家銀行倒閉，美國失業人數急遽增加，還給歐洲的金融市場帶來恐慌。又如1873年恐慌，起源於維也納和紐約的金融危機，它代表着全世界經濟緊縮的開端。最嚴重的一次經濟恐慌始於1929年美國的股市崩盤。亦請參閲Great Depression。
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).
