Publication:
The Global Financial Crisis : Comparisons with the Great Depression and Scenarios for Recovery

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dc.contributor.authorBrahmbhatt, Milan
dc.contributor.authorDa Silva, Luiz Pereira
dc.date.accessioned2012-08-13T14:10:27Z
dc.date.available2012-08-13T14:10:27Z
dc.date.issued2009-08
dc.description.abstractA recent paper has highlighted some close correspondences between economic performance during the present world recession and that during the early months of the great depression that began in late 1929. World industrial production from April 2008 to April 2009 fell as rapidly as during the first year of the great depression, while stock market prices and world trade volumes have fallen more rapidly than in the comparable period. These comparisons lead Eichengreen and O'Rourke to draw the alarming conclusion that 'it's a depression alright.' They note, however, that fiscal and monetary policies are likely to be much more supportive of economic activity in the next 1-2 years than they were during the first few years of the great depression. The first part of this note outlines some other important structural differences between the world economy today and in the 1930s that are likely to affect how the present recession plays out relative to the great depression. The second part of the note discusses possible recovery paths out of the current crisis.en
dc.identifierhttp://documents.worldbank.org/curated/en/2009/08/11362163/global-financial-crisis-comparisons-great-depression-scenarios-recovery
dc.identifier.doi10.1596/11110
dc.identifier.urihttps://hdl.handle.net/10986/11110
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPREM Notes; No. 141
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectADVANCED ECONOMIES
dc.subjectADVANCED ECONOMY
dc.subjectAGGREGATE DEMAND
dc.subjectASSETS
dc.subjectBALANCE SHEETS
dc.subjectBANK BALANCE SHEETS
dc.subjectBANK LIQUIDITY
dc.subjectBANK NOTES
dc.subjectBANKING SECTOR
dc.subjectBORROWING COSTS
dc.subjectBUSINESS CYCLES
dc.subjectCAPITAL FLOWS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANK BALANCE SHEETS
dc.subjectCENTRAL BANK SUPPORT
dc.subjectCENTRAL BANKS
dc.subjectCOIN
dc.subjectCOMPARATIVE ADVANTAGES
dc.subjectCONSUMERS
dc.subjectCOST OF CAPITAL
dc.subjectCREDIT FLOWS
dc.subjectCREDIT MARKETS
dc.subjectCROSS-BORDER FLOWS
dc.subjectCURRENCY
dc.subjectCURRENCY CRISES
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT IMBALANCES
dc.subjectDEBT
dc.subjectDEBT MARKETS
dc.subjectDEBT REPAYMENTS
dc.subjectDEPOSIT
dc.subjectDEPOSIT INSURANCE
dc.subjectDEPRESSION
dc.subjectDEPRESSIONS
dc.subjectDEVALUATION
dc.subjectDEVELOPED COUNTRIES
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDEVELOPING ECONOMIES
dc.subjectDOWNWARD PRESSURE
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC CONDITIONS
dc.subjectECONOMIC MANAGEMENT
dc.subjectECONOMIC OUTLOOK
dc.subjectECONOMIC PERFORMANCE
dc.subjectECONOMIC POLICY
dc.subjectECONOMIC STABILITY
dc.subjectELASTICITY
dc.subjectEMERGING ECONOMIES
dc.subjectEMPLOYMENT VOLATILITY
dc.subjectEQUITY MARKETS
dc.subjectEURO ZONE
dc.subjectEXCESS CAPACITY
dc.subjectEXCHANGE RATES
dc.subjectEXIT POLICIES
dc.subjectEXPENDITURE
dc.subjectEXPORTS
dc.subjectFEDERAL RESERVE
dc.subjectFINANCIAL COLLAPSE
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTORS
dc.subjectFISCAL POLICY
dc.subjectFISCAL POSITIONS
dc.subjectFLEXIBLE EXCHANGE RATE
dc.subjectFLEXIBLE EXCHANGE RATE REGIMES
dc.subjectGDP
dc.subjectGLOBAL DEMAND
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL EQUITY
dc.subjectGOLD
dc.subjectGOLD STANDARD
dc.subjectGOVERNMENT FINANCING
dc.subjectINFLATIONARY PRESSURE
dc.subjectINTERNATIONAL FINANCIAL INSTITUTIONS
dc.subjectINTERNATIONAL INTEREST
dc.subjectINTERNATIONAL INTEREST RATES
dc.subjectLIQUIDATION
dc.subjectLIQUIDITY
dc.subjectMACROECONOMIC POLICY
dc.subjectMACROECONOMICS
dc.subjectMARKET EXCHANGE RATES
dc.subjectMARKET PRICES
dc.subjectMONETARY AUTHORITIES
dc.subjectMONETARY POLICIES
dc.subjectMONETARY POLICY
dc.subjectNEGATIVE SHOCK
dc.subjectOUTPUT
dc.subjectOUTPUT VOLATILITY
dc.subjectPOLICY RESPONSE
dc.subjectPOLICY RESPONSES
dc.subjectPOSTWAR PERIOD
dc.subjectPOVERTY REDUCTION
dc.subjectPRIVATE CONSUMPTION
dc.subjectPRIVATE SAVINGS
dc.subjectPRIVATE SECTOR
dc.subjectPROTECTIONISM
dc.subjectPUBLIC FUNDS
dc.subjectRATE OF GROWTH
dc.subjectREAL GDP
dc.subjectRECESSION
dc.subjectRECESSIONS
dc.subjectREGULATORY STANDARDS
dc.subjectRELATIVE PRICES
dc.subjectREMITTANCE
dc.subjectRISK AVERSION
dc.subjectSTAGNATION
dc.subjectSTANDARD DEVIATION
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET PRICES
dc.subjectSURPLUS
dc.subjectSURPLUS COUNTRIES
dc.subjectTOTAL FACTOR PRODUCTIVITY
dc.subjectTRANQUIL TIMES
dc.subjectTREASURIES
dc.subjectTREASURY
dc.subjectUNCERTAINTIES
dc.subjectVALUE ADDED
dc.subjectVOLATILITY
dc.subjectWEALTH
dc.subjectWORLD DEVELOPMENT INDICATORS
dc.subjectWORLD ECONOMY
dc.subjectWORLD TRADE
dc.titleThe Global Financial Crisis : Comparisons with the Great Depression and Scenarios for Recoveryen
dspace.entity.typePublication
okr.date.doiregistration2025-04-29T09:52:58.615974Z
okr.doctypePublications & Research::Brief
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2009/08/11362163/global-financial-crisis-comparisons-great-depression-scenarios-recovery
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid776471468153846398
okr.identifier.externaldocumentum000334955_20091117030236
okr.identifier.internaldocumentum11362163
okr.identifier.report51631
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2009/11/17/000334955_20091117030236/Rendered/PDF/516310BRI0Fina1Box342046B001PUBLIC1.pdfen
okr.topicMacroeconomics and Economic Growth::Economic Conditions and Volatility
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicFinance and Financial Sector Development::Currencies and Exchange Rates
okr.topicPrivate Sector Development::Emerging Markets
okr.topicEconomic Theory and Research
okr.unitOffice of VP & Head of Network (PRMVP)
okr.volume1 of 1
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