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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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Understanding the Great Depression : Lessons for Current Policy
Cecchetti, Stephen G. - 2021
Over the four years beginning in the summer of 1929, financial markets, labor markets and goods markets all virtually ceased to function. Throughout this, the government policymaking apparatus seemed helpless. Since the end of the Great Depression, macroeconomists have labored diligently in an...
Persistent link: https://www.econbiz.de/10013224184
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Follow the Money : Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession
Cetorelli, Nicola - 2012
Foreign banks pulled significant funding from their U.S. branches during the Great Recession. We estimate that the average-sized branch experienced a 12 percent net internal fund "withdrawal," with the fund transfer disproportionately bigger for larger branches. This internal shock to the...
Persistent link: https://www.econbiz.de/10013110234
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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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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 …-connected hedge funds in turn experienced greater declines in market liquidity following the bankruptcy than other stocks; and, the …
Persistent link: https://www.econbiz.de/10013156424
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Deciphering the Liquidity and Credit Crunch 2007-08
Brunnermeier, Markus K. - 2010
This paper summarizes and explains the main events of the liquidity and credit crunch in 2007-08. Starting with the trends leading up to the crisis, I explain how these events unfolded and how four different amplification mechanisms magnified losses in the mortgage market into large dislocations...
Persistent link: https://www.econbiz.de/10012758056
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Optimal Taxation in the Presence of Bailouts
Panageas, Stavros - 2010
The termination of a representative financial firm due to excessive leverage may lead to substantial bankruptcy costs …
Persistent link: https://www.econbiz.de/10013150643
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Wall Street's First Corporate Governance Crisis : The Panic of 1826
Hilt, Eric - 2010
In July of 1826, several prominent Wall Street firms abruptly went bankrupt, amid scandalous revelations of fraudulent financial practices by their management. Although mostly forgotten today, these events represented a watershed in the early development of the corporation laws and investor...
Persistent link: https://www.econbiz.de/10012757536
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Financial Distress in the Great Depression
Graham, John R. - 2015
NYSE. Our goal is to identify the factors that contribute to business insolvency and valuation changes during the period …
Persistent link: https://www.econbiz.de/10013037628
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Incentive Conflict in Central-Bank Responses to Sectoral Turmoil in Financial Hub Countries
Kane, Edward J. - 2010
, breadth, and duration of future instances of financial-institution insolvency by confirming that institutions that underinvest …
Persistent link: https://www.econbiz.de/10012759699