Debt Deflation and Financial Instability: Two Historical Explorations

Barry Eichengreen and Richard S. Grossman.
Authors registered in the RePEc Author Service: Richard S. Grossman and Barry Eichengreen

No 94-231, Economics Working Papers from University of California at Berkeley

Abstract: Recent research, both historical and contemporary, has broadened existing analyses of the connections between financial markets and macroeconomic conditions to embrace debt deflation and financial instability explanations for business cycle fluctuations. This paper explores two episodes on which much of this research has focused: the post-bellum United States and the global depression of the 1930s. It seeks to distinguish the effects of bank failures and debt deflation and to probe the connections between them.

Date: 1994-10-01
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Working Paper: Debt Deflation and Financial Instability: Two Historical Explorations (1994)
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