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War 2008 das neue 1929? Richtige und falsche Vergleiche zwischen der Grossen Depression der 1930er Jahre und der Grossen Rezession von 2008

Ritschl, Albrecht (2012) War 2008 das neue 1929? Richtige und falsche Vergleiche zwischen der Grossen Depression der 1930er Jahre und der Grossen Rezession von 2008. Perspektiven der Wirtschaftspolitik , 13 (S1). pp. 36-57. ISSN 1465-6493

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Abstract

The Great Recession of 2008 hit the international economy harder than any other peacetime recession since the Great Contraction after 1929. Soon enough, analogies with the Great Depression were presented, and conclusions were drawn regarding the political response to the slump. This paper is an attempt to sort out real and false analogies and to present conclusions for policy. Its main hypothesis is that the Great Recession resembles the final phase of the Great Contraction between 1931 and 1933, characterized by a fast spreading global financial crisis and the breakdown of the international Gold Standard. The same is also true of the political responses to the banking problems occurring in both crises. The analogy seems less robust for the initial phase of the Great Depression after 1929. The monetary policy response to the Great Recession largely seems to be informed by the monetary interpretation of the Great Depression, but less so by the lessons from the interwar financial crises. As in the Great Depression, policy appears to be on a learning curve, moving away from a mostly monetary response toward mitigating counterpart risk and minimizing interbank contagion.

Item Type: Article
Official URL: http://onlinelibrary.wiley.com/journal/10.1111/%28...
Additional Information: © 2012 die Autoren Perspektiven der Wirtschaftspolitik © 2012 Verein für Socialpolitik
Library of Congress subject classification: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HG Finance
Sets: Departments > Economic History
Research centres and groups > Centre for Economic Performance (CEP)
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 25 Apr 2014 10:40
URL: http://eprints.lse.ac.uk/56570/

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