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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w25452 |
来源ID | Working Paper 25452 |
1930: First Modern Crisis | |
Gary Gorton; Toomas Laarits; Tyler Muir | |
发表日期 | 2019-01-14 |
出版年 | 2019 |
语种 | 英语 |
摘要 | Modern financial crises are difficult to explain because they do not always involve bank runs, or the bank runs occur late. For this reason, the first year of the Great Depression, 1930, has remained a puzzle. Industrial production dropped by 20.8 percent despite no nationwide bank run. Using cross-sectional variation in external finance dependence, we demonstrate that banks' decision to not use the discount window and instead cut back lending and invest in safe assets can account for the majority of this decline. In effect, the banks ran on themselves before the crisis became evident. |
主题 | Macroeconomics ; Business Cycles ; Financial Economics |
URL | https://www.nber.org/papers/w25452 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583125 |
推荐引用方式 GB/T 7714 | Gary Gorton,Toomas Laarits,Tyler Muir. 1930: First Modern Crisis. 2019. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w25452.pdf(329KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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