THE SHOE THAT DIDNT DROP - EXPLAINING BANKING STABILITY DURING THE GREAT-DEPRESSION
成果类型：
Article
署名作者：
GROSSMAN, RS
刊物名称：
JOURNAL OF ECONOMIC HISTORY
ISSN/ISSBN：
0022-0507
DOI：
10.1017/S0022050700015072
发表日期：
1994
页码：
654-682
关键词：
摘要：
This article attempts to account for the exceptional stability exhibited by the banking systems of Britain, Canada, and ten other countries during the Great Depression. It considers three possible explanations of stability-the structure of the commercial banking system, macroeconomic policy and performance, and lender of last resort behavior-employing data from 25 countries across Europe and North America. The results suggest that macroeconomic policy-especially exchange-rate policy-and banking structure, but not lenders of last resort, were systematically responsible for banking stability.