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Babina, Tania - 2020

The effect of financial crises on innovation is an unsettled and important question for economic growth, but one difficult to answer with modern data. Using a differences-in-differences design surrounding the Great Depression, we document that local distress caused by the Depression led to a...

Persistent link: https://www.econbiz.de/10012838012

Inequality-constrained monetary policy in a financialized economy

Fierro, Luca Eduardo; Giri, Federico; Russo, Alberto - 2023

We study how income inequality affects monetary policy through the inequality-household debt channel. We design a … rate and decreasing bankruptcies during the household's debt boom phase. When inequality meets financial liberalization, a … that inequality may constrain the central bank, even when it is not explicitly targeted. …

Persistent link: https://www.econbiz.de/10013548811

In the Eye of a Storm : Manhattan's Money Center Banks During the International Financial Crisis of 1931

Richardson, Gary - 2016

In 1931, a financial crisis began in Austria, spread to Germany, forced Britain to abandon the gold standard, crossed the Atlantic, and afflicted financial institutions in the United States. This article describes how banks in New York City, the central money market of the United States, reacted...

Persistent link: https://www.econbiz.de/10012987350

Liquidity traps and large-scale financial crises

Caggiano, Giovanni; Castelnuovo, Efrem; Damette, Olivier; … - 2018

This paper estimates a nonlinear Threshold-VAR to investigate if a Keynesian liquidity trap due to a speculative motive was in place in the U.S. Great Depression and the recent Great Recession. We find clear evidence in favor of a breakdown of the liquidity effect after an unexpected increase in...

Persistent link: https://www.econbiz.de/10011863616

Liquidating bankers' acceptances : international crisis, doctrinal conflict and American exceptionalism in the Federal Reserve 1913-1932

Adam, Marc Christopher - 2020

This paper seeks to explain the collapse of the market for bankers' acceptances between 1931 and 1932 by tracing the doctrinal foundations of Federal Reserve policy and regulations back to the Federal Reserve Act of 1913. I argue that a determinant of the collapse of the market was Carter Glass'...

Persistent link: https://www.econbiz.de/10012167430

Businesses and Borrowing during the Roaring '20s and at the Onset of the Great Depression

Richardson, Gary; Angel, Marco del - National Bureau of Economic Research - 2024

Which firms relied on commercial banks for credit and which firms did not at the onset of the Great Depression would seem to be an important question given the vast literature discussing banking distress in the United States during the 1930s. The question, however, has not been answered. This...

Persistent link: https://www.econbiz.de/10015072860

The London Monetary and Economic Conference of 1933 and the end of the Great Depression

Edwards, Sebastian - In: Open economies review 28 (2017) 3, pp. 431-459

Persistent link: https://www.econbiz.de/10012126520

Causes and consequences of the financial crisis and the implications for a more resilient financial and economic system

Hein, Eckhard - 2016

The increasing dominance of finance starting in the late 1970s/early 1980s in the US and the UK, and somewhat later in other countries, was associated with two fundamental and structural processes generating the contradictions of this phase of development and finally the financial and economic...

Persistent link: https://www.econbiz.de/10011431645

Financialisation and financial crisis in Iceland

Guðmundsson, Björn Rúnar - 2015

Financialisation in Iceland should be seen as an evolving process driven by a mixture of global and domestic forces. Responding to fundamental issues underlying macroeconomic imbalances, the authorities introduced policies that proved particularly supportive of financial expansion at a time when...

Persistent link: https://www.econbiz.de/10011311191

Accelerating into the Abyss : Financial Dependence and the Great Depression

Mladjan, Mrdjan - 2019

This paper gives new evidence for the importance of bank suspensions during the Great Depression. I establish that more financially dependent manufacturing industries exhibited steeper declines in output relative to peers. This differential is largest in states that were most affected by banking...

Persistent link: https://www.econbiz.de/10012905100

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