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Living with the Trilemma Constraint : Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries

Aizenman, Joshua - 2013

This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the relative policy divergence among the three trilemma policy choices, namely monetary independence, exchange rate...

Persistent link: https://www.econbiz.de/10013075864

High Performing Asian Economies

Fogel, Robert W. - 2021

To American and European economists in 1945, the countries of Asia were unpromising candidates for high economic growth … Asia experienced vigorous economic growth, some with growth rates far exceeding the previous growth rates of the … economic growth would falter, proved to be incorrect. Growth rates will probably continue at high levels in Southeast Asia for …

Persistent link: https://www.econbiz.de/10013227236

International Aspects of the Great Depression and the Crisis of 2007 : Similarities, Differences, and Lessons

Grossman, Richard S. - 2011

We focus on two international aspects of the Great Depression--financial crises and international trade-- and try to discern lessons for the current economic crisis. Both downturns featured global banking crises which were generated by boom-slump macroeconomic cycles. During both crises, world...

Persistent link: https://www.econbiz.de/10013133067

Arresting Banking Panics : Fed Liquidity Provision and the Forgotten Panic of 1929

Carlson, Mark A. - 2010

Scholars differ on whether Federal Reserve intervention mitigated banking panics during the Great Depression and in recent years. The last panic prior to the Depression sheds light on this debate. In April 1929, a fruit fly infestation in Florida forced the U.S. government to quarantine fruit...

Persistent link: https://www.econbiz.de/10013137022

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

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

Economic Effects of Runs on Early 'Shadow Banks' : Trust Companies and the Impact of the Panic of 1907

Frydman, Carola - 2012

We use the unique circumstances that led to the Panic of 1907 to analyze its impact on economic activity. The panic was fuelled by runs on the 'shadow banks' of the time, New York's trust companies. But the shock that triggered the runs was unrelated to the nonfinancial corporations affiliated...

Persistent link: https://www.econbiz.de/10013103045

Bank Failures and Output During the Great Depression

Miron, Jeffrey A. - 2013

In response to the Financial Crisis of 2008, macroeconomic policymakers employed a range of tools designed to prevent failures of large, complex financial institutions ("banks"). The Treasury and the Fed justified these actions by arguing that bank failures exacerbate output declines, rather...

Persistent link: https://www.econbiz.de/10013076188

Bank Distress During the Great Depression : The Illiquidity-Insolvency Debate Revisited

Richardson, Gary - 2007

During the contraction from 1929 through 1933, the Federal Reserve System tracked changes in the status of all banks operating in the United States and determined the cause of each bank suspension. This essay analyzes chronological patterns in aggregate series constructed from that data. The...

Persistent link: https://www.econbiz.de/10012778170

Systemic Risk and the Great Depression

Das, Sanjiv Ranjan - 2018

We employ a unique hand-collected dataset and a novel methodology to examine systemic risk before and after the largest 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...

Persistent link: https://www.econbiz.de/10012906269

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