G2TT
来源类型VoxEU Column
规范类型评论
The Great Depression, banking crises, and Keynes' paradox of thrift
Victor Degorce; Eric Monnet
发表日期2020-10-21
出版年2020
语种英语
摘要The surge in savings following the 2008-2009 Global Crisis and the recent pandemic have rekindled the interest of economists and policymakers in the paradox of thrift, formulated by Keynes in the 1930s. Subsequent research on the Great Depression of the 1930s, however, has not addressed the link between precautionary savings and growth. Using data on deposits in savings institutions of 22 countries, this column studies the fate of savings during the Great Depression and shows that Keynes' intuition was right. Banking crises had an impact on economic growth not only through the direct lending channel, but also indirectly through an increase in precautionary savings. This bears important lessons for today.
主题Global crisis ; Macroeconomic policy ; Monetary Policy
关键词Great depression Banking crisis Keynes Paradox of thrift
URLhttps://cepr.org/voxeu/columns/great-depression-banking-crises-and-keynes-paradox-thrift
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/555586
推荐引用方式
GB/T 7714
Victor Degorce,Eric Monnet. The Great Depression, banking crises, and Keynes' paradox of thrift. 2020.
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