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Was the Gold Exchange Standard the Source of the Great Depression?
[L’étalon de change-or a-t-il été à l’origine de la Grande dépression ?]

Author

Listed:
  • Samuel Maveyraud

    (GREThA - Groupe de Recherche en Economie Théorique et Appliquée - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique)

  • Antoine Parent

    (LET - Laboratoire d'économie des transports - UL2 - Université Lumière - Lyon 2 - ENTPE - École Nationale des Travaux Publics de l'État - CNRS - Centre National de la Recherche Scientifique, IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon)

Abstract

The aim of this article is to clearly identify the mechanisms of the money market spillovers between the United States, the United Kingdom and France during the interwar period. To describe these mechanisms in detail, a BEKK model, in which we introduce a structural break, is adopted. Our analysis sheds new light on key historical issues: Was the crisis imported into the US? Did France set off interest rate volatility in the rest of the world during the thirties? Does the propagation process of interest rate volatility corroborate the "Golden Fetters" hypothesis?

Suggested Citation

  • Samuel Maveyraud & Antoine Parent, 2015. "Was the Gold Exchange Standard the Source of the Great Depression? [L’étalon de change-or a-t-il été à l’origine de la Grande dépression ?]," Post-Print halshs-01475242, HAL.
    • Handle: RePEc:hal:journl:halshs-01475242
    DOI: 10.3917/rfe.153.0053
    as

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