Efectos no monetarios de la crisis financiera en la propagación de la Gran Depresión

Ben Bernanke

El Trimestre Económico, 2023, vol. 90 (2), issue 358, 555-593

Abstract: TThis paper examines the effects of the financial crisis of the 1930s on the path of aggregate output during that period. Our approach is complementary to that of Friedman and Schwartz, who emphasized the monetary impact of the bank failures; we focus on non-monetary (primarily credit-related) aspects of the financial sector-output link and consider the problems of debtors as well as those of the banking system. We argue that the financial disruptions of 1930-1933 reduced the efficiency of the credit allocation process; and that the resulting higher cost and reduced availability of credit acted to depress aggregate demand. Evidence suggests that effects of this type can help explain the unusual length and depth of the Great Depression.

Keywords: Great Depression; crisis; credit; financial system; New Deal. (search for similar items in EconPapers)
JEL-codes: G01 G18 G21 H12 N22 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:elt:journl:v:90:y:2023:i:358:p:555-593

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DOI: 10.20430/ete.v90i358.1878

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