Did International Economic Forces Cause the Great Depression?
AbstractThis paper reviews and assesses international explanations for the depth and duration of the Great Depression. Many of the conclusions are negative. The U.S. Smoot-Hawley Tariff Act of 1930 came too late to account for the 1929 downturn and fails to explain the severity of the contraction in the U.S. The competitive devaluations of the 1930s redistributed the Depression's effects across countries but did not worsen it overall. The deflationary consequences of the liquidation of foreign exchange reserves were minor. Domestic central bank policies and their failure to be coordinated internationally must bear the major responsibility for the Depression. Copyright 1988 Western Economic Association International.
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Bibliographic InfoPaper provided by University of California at Berkeley in its series Economics Working Papers with number 8751.
Date of creation: 01 Sep 1987
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Postal: University of California at Berkeley, Berkeley, CA USA
Web page: http://www.haas.berkeley.edu/groups/iber/wps/econwp.html
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Other versions of this item:
- Barry Eichengreen, 1988. "Did International Economic Forces Cause The Great Depression?," Contemporary Economic Policy, Western Economic Association International, vol. 6(2), pages 90-114, 04.
- Eichengreen, Barry, 1987. "Did International Economic Forces Cause the Great Depression?," Department of Economics, Working Paper Series qt27p2v5zm, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
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- Gabriel P. Mathy, 2014. "Uncertainty Shocks and Equity Return Jumps and Volatility During the Great Depression," Working Papers 2014-02, American University, Department of Economics.
- Barry Eichengreen, 1991.
"International Monetary Instability Between the Wars: Structural Flaws or Misguided Policies?,"
NBER Working Papers
3124, National Bureau of Economic Research, Inc.
- Eichengreen, Barry, 1989. "International Monetary Stability Between the Wars: Structural Flaws or Misguided Policies?," CEPR Discussion Papers 348, C.E.P.R. Discussion Papers.
- Eichengreen, Barry, 1989. "International Monetary Istability Between the Wars: Structural Flaws or Misguided Policies?," Department of Economics, Working Paper Series qt5r60q801, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Barry Eichengreen., 1989. "International Monetary Instability Between the Wars: Structural Flaws or Misguided Policies?," Economics Working Papers 89-118, University of California at Berkeley.
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