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Las crisis bancarias y el sistema monetario internacional en la Gran Depresión y en la actualidad

  • Richhild Moessner
  • William A. Allen
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    Identificamos las semejanzas y las diferencias en la escala y la naturaleza de las crisis bancarias de 2008-2009 y de la Gran Depresión, y analizamos las diferencias en la respuesta de política a las dos crisis a la luz de los sistemas monetarios internacionales predominantes. Encontramos que la escala de la crisis bancaria, medida por la reducción internacional del endeudamiento de corto plazo y de los depósitos bancarios totales, fue menor en 2008-2009 que en 1931. Sin embargo, la provisión de liquidez del banco central fue mayor en el contexto de tasas de cambio flexibles de 2008-2009 que en 1931, cuando estaba limitada en muchos países por el patrón oro.

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    File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/rmoessner25.pdf
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    Article provided by Universidad Externado de Colombia - Facultad de Economía in its journal Revista de Economía Institucional.

    Volume (Year): 13 (2011)
    Issue (Month): 25 (July-December)
    Pages: 43-87

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    Handle: RePEc:rei:ecoins:v:13:y:2011:i:25:p:43-87
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    1. Bordo, Michael & James, Harold, 2010. "The Great Depression analogy," Financial History Review, Cambridge University Press, vol. 17(02), pages 127-140, October.
    2. Ellis W. Tallman & Elmus R. Wicker, 2010. "Banking and financial crises in United States history: what guidance can history offer policymakers?," Working Paper 1009, Federal Reserve Bank of Cleveland.
    3. Miguel Almunia & Agustín Bénétrix & Barry Eichengreen & Kevin H. O'Rourke & Gisela Rua, 2010. "From Great Depression to Great Credit Crisis: similarities, differences and lessons," Economic Policy, CEPR;CES;MSH, vol. 25, pages 219-265, 04.
    4. Douglas A. Irwin, 2010. "Did France Cause the Great Depression?," NBER Working Papers 16350, National Bureau of Economic Research, Inc.
    5. Bordo, Michael D. & Choudhri, Ehsan U. & Schwartz, Anna J., 2002. "Was Expansionary Monetary Policy Feasible during the Great Contraction? An Examination of the Gold Standard Constraint," Explorations in Economic History, Elsevier, vol. 39(1), pages 1-28, January.
    6. Harold James, 1992. "Financial flows across frontiers during the interwar depression," Economic History Review, Economic History Society, vol. 45(3), pages 594-613, 08.
    7. Jukka Pihlman & Han van der Hoorn, 2010. "Procyclicality in Central Bank Reserve Management; Evidence From the Crisis," IMF Working Papers 10/150, International Monetary Fund.
    8. Bank for International Settlements, 2009. "An assessment of financial sector rescue programmes," BIS Papers, Bank for International Settlements, number 48.
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