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Consequences of Bank Distress During the Great Depression
Open accessAbstract
The consequences of bank distress for the economy during the Depression remain an area of unresolved controversy. Since John M. Keynes (1931) and Irving Fisher (1933), macroeconomists have argued that bank distress magnified the extent of the economic decline during the Depression. As the intermediaries controlling money and credit, banks were in a special position to transmit their distress to other sectors. But the mechanism through which banking distress mattered for the economy has been hotly contested.
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Another look at the instrumental variable estimation of error-components models
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Laeven, L. A., & Levine, R. (2008) · SSRN Electronic Journal · doi:10.2139/ssrn.1142967 · Cited by 337
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Metadata
- Authors
- Calomiris, C. W., & Mason, J. R.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2003-05-01
- Volume
- 93
- Issue
- 3
- Pages
- 937-947
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2073575615
- Cited by
- 443
- References
- 1
- FWCI
- 18.22
- Type
- journal article
- Language
- en
- Open access
- green
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