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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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The Anatomy of a Residential Mortgage Crisis : a Look Back to the 1930s
Snowden, Kenneth - 2010
Looking back to the 1930s provides the opportunity to examine one severe mortgage crisis as we live through another. This paper examines the development of the residential mortgage market during the 1920s, the institutional disruptions that occurred in the 1930s and the policy response of...
Persistent link: https://www.econbiz.de/10013139742
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Systemic Risk and the Great Depression
Das, Sanjiv Ranjan - 2018
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 …
Persistent link: https://www.econbiz.de/10012906269
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The Panic of 2007
Gorton, Gary B. - 2010
How did problems with subprime mortgages result in a systemic crisis, a panic? The ongoing Panic of 2007 is due to a loss of information about the location and size of risks of loss due to default on a number of interlinked securities, special purpose vehicles, and derivatives, all related to...
Persistent link: https://www.econbiz.de/10012758346
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Financial Fragility and the Great Depression
Cooper, Russell - 2010
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/10012763576
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The Macroeconomics of Shadow Banking
Moreira, Alan - 2014
We build a macroeconomic model that centers on liquidity transformation in the financial sector. Intermediaries maximize liquidity creation by issuing securities that are money-like in normal times but become illiquid in a crash when collateral is scarce. We call this process shadow banking. A...
Persistent link: https://www.econbiz.de/10013050154