Credit Expansion, 1920 to 1929, and its Lessons

Charles E. Persons

The Quarterly Journal of Economics, 1930, vol. 45, issue 1, 94-130

Abstract: Credit Expansion. — Bank loans and investments, 95. — Urban real estate mortgages; held by banks, mortgage trusts, mutual savings banks, Life Insurance Companies, Building and Loan Associations, 96. — Farm mortgages; held by Federal Land banks, Joint Stock banks; general data, 105. — Securities outstanding, 107. — Installment selling; electrical equipment, radio industry, General Motors Acceptance Corporation, 108. — Summary, 115. — Credit expansion somewhat analogous to monetary inflation, 119. — Consequence of credit expansion: illustrated by developments in the radio industry, the automobile industry, the construction industry, 121. — Conclusion, 128.

Date: 1930
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