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International Aspects of the Great Depression and the Crisis of 2007 : Similarities, Differences, and Lessons
Grossman, Richard S. - 2010
-slump macroeconomic cycles. During both crises, world trade collapsed faster than world incomes and the trade decline was highly …
Persistent link: https://www.econbiz.de/10012462356
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Fighting the Last War : Economists on the Lender of Last Resort
Grossman, Richard S. - 2015
In this paper we trace the evolution of the lender of last resort doctrine--and its implementation--from the nineteenth century through the panic of 2008. We find that typically the most influential economists "fight the last war": formulating policy guidelines that would have dealt effectively...
Persistent link: https://www.econbiz.de/10012457834
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Recovery from Financial Crises : Evidence from 100 Episodes
Reinhart, Carmen M. - 2014
We examine the evolution of real per capita GDP around 100 systemic banking crises. Part of the costs of these crises owes to the protracted nature of recovery. On average, it takes about eight years to reach the pre-crisis level of income; the median is about 6 ½ years. Five to six years after...
Persistent link: https://www.econbiz.de/10012458841
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Getting up to Speed on the Financial Crisis : A One-Weekend-Reader's Guide
Gorton, Gary B. - 2012
All economists should be conversant with "what happened?" during the financial crisis of 2007-2009. We select and summarize 16 documents, including academic papers and reports from regulatory and international agencies. This reading list covers the key facts and mechanisms in the build-up of...
Persistent link: https://www.econbiz.de/10012460883
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Fighting Crises
Gorton, Gary - 2016
) and stigma (the cost of having a bank's name revealed) are desirable to restore confidence. Lending facilities raise the …
Persistent link: https://www.econbiz.de/10012455893
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Loans for the "Little Fellow : " Credit, Crisis, and Recovery in the Great Depression
Quincy, Sarah - National Bureau of Economic Research - 2023
This paper identifies how bank branching benefited local economies during the Great Depression. Using archival data and … narrative evidence, I show how Bank of America's branch network in 1930s California created an internal capital market to … competing banking offices. The bank's presence caused smaller city property value contractions and stronger recoveries through …
Persistent link: https://www.econbiz.de/10014421204
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The great contraction, 1929 - 1933
Friedman, Milton; Schwartz, Anna Jacobson - 2008 - [New ed.]
Persistent link: https://www.econbiz.de/10003681770
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Financial Fragility and the Great Depression
Cooper, Russell - 1997
We analyze a financial collapse, such as the one which occurred during the Great Depression, from the perspective of a monetary model with multiple equilibria. The economy we consider contains financial fragility due to increasing returns to scale in the intermediation process. Intermediaries...
Persistent link: https://www.econbiz.de/10012472720
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Understanding the Great Depression : Lessons for Current Policy
Cecchetti, Stephen G. - 1997
Depression concern the function of the central bank and the financial system. In my view, there is now a broad consensus … supporting three conclusions. First, the collapse of the finance system could have been stopped if the central bank had properly …
Persistent link: https://www.econbiz.de/10012472803
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Financial Crises in Emerging Markets : The Lessons from 1995
Sachs, Jeffrey - 1996
In this paper we examine closely the financial events following the Mexican peso devaluation to uncover new lessons about the nature of financial crises. We explore the question of why, during 1995, some emerging markets were hit by financial crises while others were not. To this end, we ask...
Persistent link: https://www.econbiz.de/10012473272