Credit Expansion, 1920 to 1929, and its Lessons
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.
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During the twenties small borrowers, such as households and unincorporated businesses, greatly increased their debts.
“Perhaps more significantly, during the twenties small borrowers, such as households and unincorporated businesses, greatly increased their debts.”
From Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression (1983) · cites this paper as Persons (1930)
Persons (1930) reported that outstanding corporate bonds and notes increased from $26.1 billion in 1920 to $47.1 billion in 1928, and that non-Federal public securities grew from $11.8 billion to $33.6 billion over the same period.
“He reported that outstanding corporate bonds and notes increased from $26.1 billion in 1920 to $47.1 billion in 1928, and that non-Federal public securities grew from $11.8 billion to 833.6 billion over the same period.”
From Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression (1983) · cites this paper as Persons (1930)
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Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression
Bernanke, B. (1983) · National Bureau of Economic Research · doi:10.3386/w1054 · Cited by 2,173 · see citing works
- Authors
- Persons, C. E.
- Corresponding author
- Persons, Charles E.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1930-11
- Volume
- 45
- Issue
- 1
- Pages
- 94
- ISSN
- 0033-5533 (ISSN-L)
- OpenAlex
- W2077864245
- Cited by
- 71
- References
- 0
- Citations by year
- 2025: 2 · 2024: 2 · 2023: 1 · 2021: 3 · 2020: 1 · 2019: 25 · 2018: 2 · 2016: 4 · 2015: 1 · 2014: 8 · 2013: 6 · 2012: 4
- FWCI
- 0.00
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- The Quarterly Journal of Economics (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
- Social Sciences › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Economic Theory and Policy
- Keywords
- credit growth, real estate mortgage, farm mortgages, radio industry, automotive industry, construction industry, monetary inflation, federal land banks, mutual savings banks
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