-slump macroeconomic cycles. During both crises, world trade collapsed faster than world incomes and the trade decline was highly …

) and stigma (the cost of having a bank's name revealed) are desirable to restore confidence. Lending facilities raise the …

investment books of all time by the Financial Times, Manias, Panics and Crashes puts the turbulence of the financial world in …

of financial crises, showing that money is taken out of circulation when bank loans are paid back. This key insight is at … economy that cannot generate enough demand for its own goods and services. Financial crises result when bank lending slows … down or comes to a halt – while outstanding bank loans are still due for repayment. The mechanism is discussed in detail …

U.S. banking crisis of the 20th century. Our systemic risk measure captures both the credit risk of an individual bank … as well as a bank's position in the network. We construct linkages between all U.S. commercial banks in 1929 and 1934 so … banking crisis that occurred between 1930–33 raised systemic risk per bank by 33% and increased the riskiness of the very …