The Gold Standard and the Great Depression

Eichengreen, Barry; Temin, Peter

doi:10.3386/w6060

Cited by 112 publications

(133 citation statements)

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“…In the first period under examination, the global monetary system was dictated by the 'gold standard,' which included movements of gold between central banks, as a response to international non-financial transactions (Eichengreen and Temin 1997). The aim of the gold standard was to secure price stability and constrain fiscal expansion, reflecting 'the mentality and the type of conduct of … economic elites' (ibid., p. 187).…”

Section: Fiscal Monetary Policy and Capital Mobilitymentioning

confidence: 99%

Have we been here before? Phases of financialization within the twentieth century in the US

Fasianos¹,

Guevara²,

Pierros³

2018

ROKE

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This paper explores the process of financialization from a historical perspective during the course of the twentieth century. We identify four phases of financialization: the first from the 1900s to 1933 (early financialization), the second from 1933 to 1940 (transitory phase), the third between 1945 and 1973 (de-financialization), and the fourth period picks up from the early 1970s and leads to the Great Recession (complex financialization). Our findings indicate that the main features of the current phase of financialization were already in place in the first period. We closely examine institutions within these distinct financial regimes and focus on the relative size of the financial sector, the respective regulation regime of each period, the intensity of the shareholder value orientation, as well as the level of financial innovations implemented. Although financialization is a recent term, the process is far from novel. We conclude that its effects can be studied better with reference to economic history.

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Section: Fiscal Monetary Policy and Capital Mobilitymentioning

confidence: 99%

Have we been here before? Phases of financialization within the twentieth century in the US

Fasianos¹,

Guevara²,

Pierros³

2018

ROKE

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“…Some modern students, including Eichengreen (1992), have concluded that the Fed erred in loosening its policy, it is difficult to find a plausible reason for a tighter policy.…”

Section: The Role Of the Federal Reservementioning

confidence: 99%

Bubbles and Busts: The 1990s in the Mirror of the 1920s

White

2006

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This paper surveys the twentieth century booms and crashes in the American stock market, focusing on a comparison of the two most similar events in the 1920s and 1990s. In both booms, claims were made that they were the consequence a "new economy" or "irrational exuberance." Neither boom can be readily explained by fundamentals, represented by expected dividend growth or changes in the equity premium. The difficulty of identifying the fundamentals implies that central banks would not be successful in preventing pre-emptive policies, although they still would have a critical role to play in preventing crashes from disrupting the payments system or sparking an intermediation crisis.

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“…As Romer (1990) showed, households responded by reducing their consumption of semi-durables and dramatically their consumption of durables---products that required the intermediate goods shipped by the railroads. The banking panics and gold outflows reduced the money supply and the willingness and ability of banks to lend (Friedman and Schwartz, 1963;Bernanke, 1983;Eichengreen, 1992).…”

Section: 1mentioning

confidence: 99%