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Debt Deflation and Financial Instability: Two Historical Explorations

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  • Eichengreen, Barry
  • Grossman, Richard S.

Abstract

Recent research, both historical and contemporary, has broadened existing analyses of the connections between financial markets and macroeconomic conditions to embrace debt deflation and financial instability explanations for business cycle fluctuations. This paper explores two episodes on which much of this research has focused: the post-bellum United States and the global depression of the 1930s. It seeks to distinguish the effects of bank failures and debt deflation and to probe the connections between them.

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Bibliographic Info

Paper provided by Department of Economics, Institute for Business and Economic Research, UC Berkeley in its series Department of Economics, Working Paper Series with number qt7kj202cz.

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Date of creation: 01 Oct 1994
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Handle: RePEc:cdl:econwp:qt7kj202cz

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Keywords: debt deflation; financial instability; bank failures; business cycles; Business; Social and Behavioral Sciences;

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Cited by:
  1. Gregor W. Smith, 2006. "The spectre of deflation: a review of empirical evidence," Canadian Journal of Economics, Canadian Economics Association, vol. 39(4), pages 1041-1072, November.
  2. Michael D. Bordo & Michael J. Dueker & David C. Wheelock, 2002. "Aggregate Price Shocks and Financial Instability: A Historical Analysis," Economic Inquiry, Western Economic Association International, vol. 40(4), pages 521-538, October.
  3. Michael D. Bordo & Michael J. Dueker & David C. Wheelock, 2001. "Aggregate price shocks and financial stability: the United Kingdom 1796-1999," Working Papers 2001-018, Federal Reserve Bank of St. Louis.
  4. Ben S. Bernanke, 1994. "The Macroeconomics of the Great Depression: A Comparative Approach," NBER Working Papers 4814, National Bureau of Economic Research, Inc.
  5. Hans Joachim Voth, 2000. "With a bang, not a whimper: Pricking Germany's "stock market bubble" in 1927 and the slide into depression," Economics Working Papers 516, Department of Economics and Business, Universitat Pompeu Fabra.
  6. Barry Eichengreen & Andrew K. Rose, 1998. "Staying Afloat When the Wind Shifts: External Factors and Emerging-Market Banking Crises," NBER Working Papers 6370, National Bureau of Economic Research, Inc.
  7. Gatti, Domenico Delli & Gallegati, Marco & Gallegati, Mauro, 2005. "On the nature and causes of business fluctuations in Italy, 1861-2000," Explorations in Economic History, Elsevier, vol. 42(1), pages 81-100, January.

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