The current financial crisis: what should we learn from the great depressions of the Twentieth Century?
AbstractStudying the experience of countries that have experienced great depressions during the twentieth century teaches us that massive public interventions in the economy to maintain employment and investment during a financial crisis can, if they distort incentives enough, lead to a great depression.
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Bibliographic InfoPaper provided by Federal Reserve Bank of Minneapolis in its series Staff Report with number 421.
Date of creation: 2009
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-03-22 (All new papers)
- NEP-CBA-2009-03-22 (Central Banking)
- NEP-HIS-2009-03-22 (Business, Economic & Financial History)
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- Michel De Vroey, 2009. "Economic liberalism and crisis," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 70, pages 11-38.
- Ruy Lama, 2009.
"Accounting for Output Drops in Latin America,"
IMF Working Papers
09/67, International Monetary Fund.
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