IDEAS home Printed from https://ideas.repec.org/a/rei/ecoins/v13y2011i25p43-87.html
   My bibliography  Save this article

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

Author

Listed:
  • Richhild Moessner
  • William A. Allen

Abstract

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.

Suggested Citation

  • Richhild Moessner & William A. Allen, 2011. "Las crisis bancarias y el sistema monetario internacional en la Gran Depresión y en la actualidad," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 13(25), pages 43-87, July-Dece.
  • Handle: RePEc:rei:ecoins:v:13:y:2011:i:25:p:43-87
    as

    Download full text from publisher

    File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/rmoessner25.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Douglas A. Irwin, 2010. "Did France Cause the Great Depression?," NBER Working Papers 16350, National Bureau of Economic Research, Inc.
    2. Tallman, Ellis W & Wicker, Elmus R., 2009. "Banking and Financial Crises in United States History: What Guidance can History Offer Policymakers?," MPRA Paper 21839, University Library of Munich, Germany.
    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, April.
    4. Bank for International Settlements, 2009. "An assessment of financial sector rescue programmes," BIS Papers, Bank for International Settlements, number 48.
    5. Bordo, Michael & James, Harold, 2010. "The Great Depression analogy," Financial History Review, Cambridge University Press, vol. 17(02), pages 127-140, October.
    6. 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.
    7. Harold James, 1992. "Financial flows across frontiers during the interwar depression," Economic History Review, Economic History Society, vol. 45(3), pages 594-613, August.
    8. 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.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    crisis bancarias; sistema monetario internacional; liquidez; Gran Depresión; banco central;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rei:ecoins:v:13:y:2011:i:25:p:43-87. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Paola Rodríguez). General contact details of provider: http://edirc.repec.org/data/feextco.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.