Transmission of the Great Depression

Peter Temin

Journal of Economic Perspectives, 1993, vol. 7, issue 2, 87-102

Abstract: To a first approximation, the question of how the Great Depression spread from country to country is short and straightforward: fixed exchange rates under the gold standard transmitted negative demand shocks. The first half of this paper will describe current thinking about the relationship between the gold standard and the Great Depression. The second half of the paper will look at a phenomenon not included in this first approximation: financial crises. Many have noted that banking panics and currency crises are bad for national economies, but few have tried to model their international spread.

JEL-codes: E32 E42 E44 N12 (search for similar items in EconPapers)
Date: 1993
Note: DOI: 10.1257/jep.7.2.87
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Citations: View citations in EconPapers (33)

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