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Banking crises and the international monetary system in the Great Depression and now1

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  • Moessner, Richhild
  • Allen, William A.

Abstract

We identify similarities and differences in the scale and nature of the banking crises in 2008-9 and the Great Depression, and analyse differences in the policy response to the two crises in light of the prevailing international monetary systems. We find that the scale of the banking crisis, as measured by falls in international short-term indebtedness and total bank deposits, was smaller in 2008-9 than in 1931. However, central bank liquidity provision was larger in the flexible exchange rate environment of 2008-9 than in 1931, when it had been constrained in many countries by the gold standard.

Suggested Citation

  • Moessner, Richhild & Allen, William A., 2011. "Banking crises and the international monetary system in the Great Depression and now1," Financial History Review, Cambridge University Press, vol. 18(1), pages 1-20, April.
    • Handle: RePEc:cup:fihrev:v:18:y:2011:i:01:p:1-20_00
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    Cited by:

    1. William A. Allen & Richhild Moessner, 2011. "The international propagation of the financial crisis of 2008 and a comparison with 1931," BIS Working Papers 348, Bank for International Settlements.
    2. Winkler, Adalbert & Bindseil, Ulrich, 2012. "Dual liquidity crises under alternative monetary frameworks," VfS Annual Conference 2012 (Goettingen): New Approaches and Challenges for the Labor Market of the 21st Century 62032, Verein für Socialpolitik / German Economic Association.
    3. Kris James Mitchener & Gary Richardson, 2019. "Network Contagion and Interbank Amplification during the Great Depression," Journal of Political Economy, University of Chicago Press, vol. 127(2), pages 465-507.
    4. Corina-Florentina Scarlat (Mihai) & Eleodor-Alin Mihai, 2021. "Global Financial Crisis: Economic and Social Impact," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 493-499, December.

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