To raise the golden anchor? Financial crises and uncertainty during the Great Depression

• 成果类型: Article
• 署名作者: Macalester College; Providence College
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050700023512
• 发表日期: 1999
• 页码: 624-658
• 关键词: united-kingdom; INVESTMENT; equilibrium; MARKET; rates; crash

摘要

This study examines the interplay between financial crises, uncertainty, and economic growth during the interwar period. Comparing the experiences often countries, we provide evidence that reductions in the credibility of a country's commitment to the gold standard generated capital flight and higher interest rate volatility. This volatility, in turn, was inversely correlated with economic growth. These results suggest that financial crises helped propagate the Great Depression, in part, by increasing uncertainty.