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The US Measures to Save the Banks in the Great Crash of 1929

Author

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  • Giuliano Fonderico

Abstract

L'articolo esamina le misure di sostegno alle banche adottate dall'amministrazione Usa nella grande crisi del '29. Gli interventi iniziarono con l'amministrazione Hoover e proseguirono - con maggiore intensità ma in sostanziale continuità con il passato - con l'amministrazione Roosevelt. Le amministrazioni agirono avvalendosi di corporations costituite appositamente, fornendo credito, garanzie e capitali alle banche in difficoltà. Il sostegno pubblico ebbe un prezzo elevato. Esso fu accompagnato da misure di intervento particolarmente invasive nell'organizzazione e nella gestione delle banche. Avendo rinunciato alla funzione selettiva del mercato, la disciplina dei salvataggi dovette innestare sui modelli di azione propri della finanza privata meccanismi burocratici di selezione dei soggetti meritevoli di tutela. L'efficacia di simili misure è discussa. L'incertezza sulle condizioni in cui le amministrazioni operarono e sui risultati raggiunti rende difficile trarne lezioni valide anche per altre crisi economiche, come quella presente.

Suggested Citation

  • Giuliano Fonderico, 2011. "The US Measures to Save the Banks in the Great Crash of 1929," Mercato Concorrenza Regole, Società editrice il Mulino, issue 3, pages 549-564.
    • Handle: RePEc:mul:jhpfyn:doi:10.1434/35974:y:2011:i:3:p:549-564
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    More about this item

    Keywords

    great crash; financial crises; banks; state intervention; G01; K23; N22.;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law

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