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large parts of the world. In this paper we explore the financial and the trade channel in a unified framework and quantify …, resulting in larger cumulated output losses and a prolonged crisis particularly in the UK. Stricter enforcement of bank capital …
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This paper examines the time-profile of the impact of systemic banking crises on GDP and industrial production using a panel of 24 countries over the inter-war period and compares this to the post-war experience of these countries. We show that banking crises have effects that induce medium-term...
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major sets of crises (post-World War I crisis and the Great Depression); the post-World War II financial lock-down, which …
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Most theoretical central bank models use short horizons and focus on a single tradeoff. However, in reality central … bankruptcy. We term these factors discipline and stability effects, respectively. The central bank's welfare decreases with …
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