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International Aspects of the Great Depression and the Crisis of 2007 : Similarities, Differences, and Lessons
Grossman, Richard S. - 2011
-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/10013133067
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Fighting Crises
Gorton, Gary B. - 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/10012980183
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Recovery from Financial Crises : Evidence from 100 Episodes
Reinhart, Carmen - 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 1⁄2 years. Five to six years...
Persistent link: https://www.econbiz.de/10013060679
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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...
Persistent link: https://www.econbiz.de/10013030619
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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/10013112036
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Macroeconomic Adjustment and the History of Crises in Open Economies
Aizenman, Joshua - 2012
This paper investigates the impact of the history of crises on macroeconomic performance. We first study the impact of past banking crises on the probability of a future banking crisis. Applying data for 1980‐2010 for all countries for which the required information is available, controlling...
Persistent link: https://www.econbiz.de/10013098139
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Bank Supervision, Regulation, and Instability During the Great Depression
Mitchener, Kris James - 2010
Even after controlling for local economic conditions, differences in state bank supervision and regulation contribute … toward explaining the large variation in state bank suspension rates across U.S. counties during the Great Depression. More … requirements had the opposite effect. States that endowed bank supervisors with the authority to liquidate banks minimized …
Persistent link: https://www.econbiz.de/10012762636
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Financial Crises and Economic Activity
Cecchetti, Stephen G. - 2010
We study the output costs of 40 systemic banking crises since 1980. Most, but not all, crises in our sample coincide with a sharp contraction in output from which it took several years to recover. Our main findings are as follows. First, the current financial crisis is unlike any others in terms...
Persistent link: https://www.econbiz.de/10013150838
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Haircuts
Gorton, Gary B. - 2010
When "confidence" is lost, "liquidity dries up." We investigate the meaning of "confidence" and "liquidity" in the context of the current financial crisis. The financial crisis is a manifestation of an age-old problem with private money creation, banking panics. We explain this and provide some...
Persistent link: https://www.econbiz.de/10013151137
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Hedge Funds as Liquidity Providers : Evidence from the Lehman Bankruptcy
Aragon, George O. - 2009
Using the September 15, 2008 bankruptcy of Lehman Brothers as an exogenous shock to funding costs, we show that hedge funds act as liquidity providers. Hedge funds using Lehman as prime broker could not trade after the bankruptcy, and these funds failed twice as often as otherwise-similar funds...
Persistent link: https://www.econbiz.de/10013156424