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Efectos no monetarios de la crisis financiera en la propagación de la Gran Depresión

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  • Bernanke, Ben S.

    (The Brookings Institution)

Abstract

TThis paper examines the effects of the financial crisis of the 1930s on the path of aggregate output during that period. Our approach is complementary to that of Friedman and Schwartz, who emphasized the monetary impact of the bank failures; we focus on non-monetary (primarily credit-related) aspects of the financial sector-output link and consider the problems of debtors as well as those of the banking system. We argue that the financial disruptions of 1930-1933 reduced the efficiency of the credit allocation process; and that the resulting higher cost and reduced availability of credit acted to depress aggregate demand. Evidence suggests that effects of this type can help explain the unusual length and depth of the Great Depression.

Suggested Citation

  • Bernanke, Ben S., 2023. "Efectos no monetarios de la crisis financiera en la propagación de la Gran Depresión," El Trimestre Económico, Fondo de Cultura Económica, vol. 90(358), pages 555-593, abril-jun.
    • Handle: RePEc:elt:journl:v:90:y:2023:i:358:p:555-593
    DOI: https://doi.org/10.20430/ete.v90i358.1878
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    More about this item

    Keywords

    Great Depression; crisis; credit; financial system; New Deal.;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-

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