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Two Depressions, One Banking Collapse

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Author Info
Chay Fisher (Reserve Bank of Australia)
Christopher Kent (Reserve Bank of Australia)
Abstract

The depression of the 1890s in Australia was associated with the collapse of the banking system, whereas problems in the financial system during the 1930s depression were far less severe. This is despite the fact that the initial macroeconomic shock during the 1930s depression was at least as large as that during the 1890s depression. We show that variation in the performance of the financial sector during the two depressions was due to differences in the condition of the financial sector well before each depression. Differences in real external factors and government policies were not sufficient to explain variation in the performance of the financial sector.

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Paper provided by Reserve Bank of Australia in its series RBA Research Discussion Papers with number rdp1999-06.

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Date of creation: Jun 1999
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Handle: RePEc:rba:rbardp:rdp1999-06

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Related research
Keywords: Australian economic depressions; financial instability; banking crises;

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Find related papers by JEL classification:
N10 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - General, International, or Comparative
N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Frederic S. Mishkin, 1997. "The causes and propagation of financial instability : lessons for policy makers," Proceedings, Federal Reserve Bank of Kansas City, pages 55-96. [Downloadable!]
  2. Bernanke, Ben & Gertler, Mark, 1990. "Financial Fragility and Economic Performance," The Quarterly Journal of Economics, MIT Press, vol. 105(1), pages 87-114, February. [Downloadable!] (restricted)
    Other versions:
  3. David T Merrett, 1993. "The 1893 Bank Crashes and Monetary Aggregates," RBA Research Discussion Papers rdp9303, Reserve Bank of Australia. [Downloadable!]
  4. Andrew Crockett, 1997. "Why is financial stability a goal of public policy?," Proceedings, Federal Reserve Bank of Kansas City, pages 7-36. [Downloadable!]
  5. Christopher Kent & Guy Debelle, 1999. "Trends in the Australian Banking System: Implications for Financial System Stability and Monetary Policy," RBA Research Discussion Papers rdp1999-05, Reserve Bank of Australia. [Downloadable!]
  6. Kiyotaki, Nobuhiro & Moore, John, 1997. "Credit Cycles," Journal of Political Economy, University of Chicago Press, vol. 105(2), pages 211-48, April.
    Other versions:
  7. Hugh Rockoff, 2000. "How Long Did It Take the United States to Become an Optimal Currency Area?," NBER Historical Working Papers 0124, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Ellis W. Tallman & Nargis Bharucha, 2000. "Credit crunch or what? Australian banks during the 1986–93 credit cycle," Economic Review, Federal Reserve Bank of Atlanta, issue Q3, pages 13-34. [Downloadable!]
  2. John Simon, 2003. "Three Australian Asset-price Bubbles," RBA Annual Conference Volume, in: Anthony Richards & Tim Robinson (ed.), Asset Prices and Monetary Policy Reserve Bank of Australia. [Downloadable!]
  3. Colin McKenzie, 2006. "Australia's Deflation in the 1890s," Discussion papers 06017, Research Institute of Economy, Trade and Industry (RIETI). [Downloadable!]
  4. Rochelle Belkar & Lynne Cockerell & Christopher Kent, 2007. "Current Account Deficits: The Australian Debate," Working Papers Central Bank of Chile 450, Central Bank of Chile. [Downloadable!]
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