The Great Depression as a Credit Boom Gone Wrong

By Barry Eichengreen, K. Mitchener. 2003

254 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/51cc8873955385bf0ddfc74002330a231e32bfee

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Citations in the corpus

The Financial Cycle and Macroeconomics: What Have We Learnt? (2014, unknown): “2 See also Eichengreen and Mitchener (2004), who find that credit and asset price booms exacerbated the Great Depression, using similar indicators as Borio and Lowe (2002).”
The Global Financial Crisis: Causes and Cures (2009, unknown): “The second main ingredient of speculative bubbles is a credit boom leading to unsustainable leverage (Eichengreen and Mitchener 2003, Robbins 1934).”
The Great Recession: US dynamics and spillovers to the world economy (2012, background): “1 Bernanke (1983) and Eichengreen and Mitchener (2004) support a boom-bust interpretation of the Great Depression and the 1990 S&L crisis.”
Monetary Policy and Stock Market Boom-Bust Cycles (2008, background): “[10] Eichengreen, Barry, and Kris Mitchener, 2003, ‘The Great Depression as a Credit BoomGoneWrong,’ Bank for International Settlements working paper no.”
The global credit boom: Challenges for macroeconomics and policy (2009, methodology): “…Real Business Cycle approach, including many of their assumptions such as the ef cient markets hypothesis, rational 40For a recent empirical analysis of the role of credit in the Great Depression which employs time series analysis of macroeconomic aggregates see Eichengreen and Mitchener (2003).”
Monetary Policy and Financial Stability: What Role in Prevention and Recovery? (2014, unknown): “Ahead of the Great Depression, financial imbalances built up either in the wake of the re-establishment of price stability, as in some continental European countries (eg, James (2001)), or against the background of low and stable inflation, as in the United States (eg, Persons (1930), Robbins (1934)”
Monetary and Prudential Policies at a Crossroads? New Challenges in the New Century (2006, background): “In particular, the effective increase in the labour force directly and indirectly “plugged into” the global economic system has been enormous (Freeman (2005)).”
Does Expansionary Monetary Policy Cause Asset Price Booms; Some Historical and Empirical Evidence (2013, unknown): “What happens in episodes of expansionary monetary policy characterized by falling real interest rates is that real commodity prices rise much more quickly than the prices of other goods and according to Frankel (2008) they overshoot the long-run equilibrium price level.”
Whither monetary and financial stability? the implications of evolving policy regimes (2004, unknown): “…see Allen et al (1938), Goodhart and De Largy (1999) and Bordo et al (2001), who consider the cross-country experience, Kent and D’Arcy (2001) for Australia, Gerdrup (2003) for Norway and Eichengreen and Mitchener (2003) for the Unites States and elsewhere in the lead-up to the Great Depression.”
Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008 (2012, unknown): “The bottom line is that the lessons of the Great Depression, once learned, were put into practice.”
Credit Expansion and Neglected Crash Risk (2017, background): “Mishkin (1978), Bernanke (1983), and Eichengreen and Mitchener (2003) study the role of credit in the propagation of the Great Depression in the U.S. Demirgüç-Kunt and Detragiache (1998), Kaminsky and Reinhart (1999), Eichengreen and Arteta (2002), Borio and Lowe (2002), Laeven and Valencia (2008),…”
Global Imbalances and the Financial Crisis: Link or No Link? (2011, unknown): “3 Local US dollar claims booked by non-US banks located in the United States.”