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Two Depressions, One Banking Collapse

  • Chay Fisher

    (Reserve Bank of Australia)

  • Christopher Kent

    (Reserve Bank of Australia)

Registered author(s):

    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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    File URL: http://www.rba.gov.au/publications/rdp/1999/pdf/rdp1999-06.pdf
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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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    1. Nobuhiro Kiyotaki & John Moore, 1995. "Credit Cycles," NBER Working Papers 5083, National Bureau of Economic Research, Inc.
    2. Ben Bernanke & Mark Gertler, 1987. "Financial Fragility and Economic Performance," NBER Working Papers 2318, National Bureau of Economic Research, Inc.
    3. David T. Merrett, 1993. "The 1893 Bank Crashes and Monetary Aggregates," RBA Research Discussion Papers rdp9303, Reserve Bank of Australia.
    4. P.D. Jonson & G.R. Stevens, 1983. "The 1930’s and the 1980’s: Some Facts," RBA Research Discussion Papers rdp8303, Reserve Bank of Australia.
    5. D.T. Merrett, 1991. "FINANCIAL INSTITUTIONS UNDER PRESSURE: ARE THE RIGHT LESSONS BEING LEARNT FROM THE 1890s?," Economic Papers, The Economic Society of Australia, vol. 10(1), pages 1-10, 03.
    6. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, June.
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