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The Shoe That Didn't Drop: Explaining Banking Stability During the Great Depression

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Author Info
Grossman, Richard S.
Abstract

This article attempts to account for the exceptional stability exhibited by the banking systems of Britain, Canada, and ten other countries during the Great Depression. It considers three possible explanations of stability employing data from 25 countries across Europe and North America. The results suggest that macroeconomic policy and banking structure, but not lenders of last resort, were systematically responsible for banking stability.

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Publisher Info
Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 54 (1994)
Issue (Month): 03 (September)
Pages: 654-682
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:cup:jechis:v:54:y:1994:i:03:p:654-682_01

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  1. Barry Eichengreen and Carlos Arteta., 2000. "Banking Crises in Emerging Markets: Presumptions and Evidence," Center for International and Development Economics Research (CIDER) Working Papers C00-115, University of California at Berkeley. [Downloadable!]
    Other versions:
  2. Charles W. Calomiris, 2007. "Bank Failures in Theory and History: The Great Depression and Other "Contagious" Events," NBER Working Papers 13597, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Wolf, Nikolaus, 2008. "Scylla and Charybdis. Explaining Europe’s Exit from Gold, January 1928- December 1936," CEPR Discussion Papers 6685, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  4. Schnabel, Isabel, 2002. "The Great Banks` Depression - Deposit Withdrawals in the German Crisis of 1931," Sonderforschungsbereich 504 Publications 03-11, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
  5. Masami Imai & Seitaro Takarabe, 2009. "Bank Integration and Local Credit Cycle:Evidence from Japan," Wesleyan Economics Working Papers 2009-002, Wesleyan University, Department of Economics. [Downloadable!]
  6. Kris James Mitchener, 2004. "Bank Supervision, Regulation, and Instability During the Great Depression," NBER Working Papers 10475, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Peter Temin, 1998. "Causes of American business cycles: an essay in economic historiography," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, issue Jun, pages 37-64. [Downloadable!]
  8. Kris James Mitchener, 2006. "Are Prudential Supervision and Regulation Pillars of Financial Stability? Evidence from the Great Depression," NBER Working Papers 12074, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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