Bank Asset Liquidation and the Propagation of the U.S. Great Depression
We hypothesize that financial disintermediation during and after the Great Depression arose from the slow liquidation of failed-bank deposits. Empirical results from incorporating the stock of failed national bank deposits for the period 1921-40 in vector autoregression (VAR) models suggest that the stock of deposits in closed banks undergoing liquidation is as important as money stock in terms of explaining output changes over forecast horizons from one to three years. Hence, we infer that the dynamic effects of banking sector shocks were cumulative and pervasive during and after the Depression.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 37 (2005)
Issue (Month): 4 (August)
|Contact details of provider:|| Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879|