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

Show simple item record

collection.link.193
https://openknowledge.worldbank.org/handle/10986/9424
collection.name.193
PREM Notes
dc.contributor.author
Brahmbhatt, Milan
dc.contributor.author
Da Silva, Luiz Pereira
dc.date.accessioned
2012-08-13T14:10:27Z
dc.date.available
2012-08-13T14:10:27Z
dc.date.issued
2009-08
dc.date.lastModified
2021-04-23T14:02:54Z
dc.description.abstract
A 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.identifier
http://documents.worldbank.org/curated/en/2009/08/11362163/global-financial-crisis-comparisons-great-depression-scenarios-recovery
dc.identifier.uri
http://hdl.handle.net/10986/11110
dc.language
English
dc.publisher
World Bank, Washington, DC
dc.relation.ispartofseries
PREM Notes; No. 141
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo/
dc.subject
ADVANCED ECONOMIES
dc.subject
ADVANCED ECONOMY
dc.subject
AGGREGATE DEMAND
dc.subject
ASSETS
dc.subject
BALANCE SHEETS
dc.subject
BANK BALANCE SHEETS
dc.subject
BANK LIQUIDITY
dc.subject
BANK NOTES
dc.subject
BANKING SECTOR
dc.subject
BORROWING COSTS
dc.subject
BUSINESS CYCLES
dc.subject
CAPITAL FLOWS
dc.subject
CENTRAL BANK
dc.subject
CENTRAL BANK BALANCE SHEETS
dc.subject
CENTRAL BANK SUPPORT
dc.subject
CENTRAL BANKS
dc.subject
COIN
dc.subject
COMPARATIVE ADVANTAGES
dc.subject
CONSUMERS
dc.subject
COST OF CAPITAL
dc.subject
CREDIT FLOWS
dc.subject
CREDIT MARKETS
dc.subject
CROSS-BORDER FLOWS
dc.subject
CURRENCY
dc.subject
CURRENCY CRISES
dc.subject
CURRENT ACCOUNT
dc.subject
CURRENT ACCOUNT IMBALANCES
dc.subject
DEBT
dc.subject
DEBT MARKETS
dc.subject
DEBT REPAYMENTS
dc.subject
DEPOSIT
dc.subject
DEPOSIT INSURANCE
dc.subject
DEPRESSION
dc.subject
DEPRESSIONS
dc.subject
DEVALUATION
dc.subject
DEVELOPED COUNTRIES
dc.subject
DEVELOPING COUNTRIES
dc.subject
DEVELOPING COUNTRY
dc.subject
DEVELOPING ECONOMIES
dc.subject
DOWNWARD PRESSURE
dc.subject
ECONOMIC ACTIVITY
dc.subject
ECONOMIC CONDITIONS
dc.subject
ECONOMIC MANAGEMENT
dc.subject
ECONOMIC OUTLOOK
dc.subject
ECONOMIC PERFORMANCE
dc.subject
ECONOMIC POLICY
dc.subject
ECONOMIC STABILITY
dc.subject
ELASTICITY
dc.subject
EMERGING ECONOMIES
dc.subject
EMPLOYMENT VOLATILITY
dc.subject
EQUITY MARKETS
dc.subject
EURO ZONE
dc.subject
EXCESS CAPACITY
dc.subject
EXCHANGE RATES
dc.subject
EXIT POLICIES
dc.subject
EXPENDITURE
dc.subject
EXPORTS
dc.subject
FEDERAL RESERVE
dc.subject
FINANCIAL COLLAPSE
dc.subject
FINANCIAL CRISES
dc.subject
FINANCIAL CRISIS
dc.subject
FINANCIAL INSTITUTIONS
dc.subject
FINANCIAL SECTOR
dc.subject
FINANCIAL SECTORS
dc.subject
FISCAL POLICY
dc.subject
FISCAL POSITIONS
dc.subject
FLEXIBLE EXCHANGE RATE
dc.subject
FLEXIBLE EXCHANGE RATE REGIMES
dc.subject
GDP
dc.subject
GLOBAL DEMAND
dc.subject
GLOBAL ECONOMY
dc.subject
GLOBAL EQUITY
dc.subject
GOLD
dc.subject
GOLD STANDARD
dc.subject
GOVERNMENT FINANCING
dc.subject
INFLATIONARY PRESSURE
dc.subject
INTERNATIONAL FINANCIAL INSTITUTIONS
dc.subject
INTERNATIONAL INTEREST
dc.subject
INTERNATIONAL INTEREST RATES
dc.subject
LIQUIDATION
dc.subject
LIQUIDITY
dc.subject
MACROECONOMIC POLICY
dc.subject
MACROECONOMICS
dc.subject
MARKET EXCHANGE RATES
dc.subject
MARKET PRICES
dc.subject
MONETARY AUTHORITIES
dc.subject
MONETARY POLICIES
dc.subject
MONETARY POLICY
dc.subject
NEGATIVE SHOCK
dc.subject
OUTPUT
dc.subject
OUTPUT VOLATILITY
dc.subject
POLICY RESPONSE
dc.subject
POLICY RESPONSES
dc.subject
POSTWAR PERIOD
dc.subject
POVERTY REDUCTION
dc.subject
PRIVATE CONSUMPTION
dc.subject
PRIVATE SAVINGS
dc.subject
PRIVATE SECTOR
dc.subject
PROTECTIONISM
dc.subject
PUBLIC FUNDS
dc.subject
RATE OF GROWTH
dc.subject
REAL GDP
dc.subject
RECESSION
dc.subject
RECESSIONS
dc.subject
REGULATORY STANDARDS
dc.subject
RELATIVE PRICES
dc.subject
REMITTANCE
dc.subject
RISK AVERSION
dc.subject
STAGNATION
dc.subject
STANDARD DEVIATION
dc.subject
STOCK MARKET
dc.subject
STOCK MARKET PRICES
dc.subject
SURPLUS
dc.subject
SURPLUS COUNTRIES
dc.subject
TOTAL FACTOR PRODUCTIVITY
dc.subject
TRANQUIL TIMES
dc.subject
TREASURIES
dc.subject
TREASURY
dc.subject
UNCERTAINTIES
dc.subject
VALUE ADDED
dc.subject
VOLATILITY
dc.subject
WEALTH
dc.subject
WORLD DEVELOPMENT INDICATORS
dc.subject
WORLD ECONOMY
dc.subject
WORLD TRADE
dc.title
The Global Financial Crisis : Comparisons with the Great Depression and Scenarios for Recovery
en
okr.doctype
Publications & Research :: Brief
okr.doctype
Publications & Research
okr.docurl
http://documents.worldbank.org/curated/en/2009/08/11362163/global-financial-crisis-comparisons-great-depression-scenarios-recovery
okr.globalpractice
Macroeconomics and Fiscal Management
okr.globalpractice
Finance and Markets
okr.globalpractice
Trade and Competitiveness
okr.googlescholar.linkpresent
yes
okr.identifier.externaldocumentum
000334955_20091117030236
okr.identifier.internaldocumentum
11362163
okr.identifier.report
51631
okr.language.supported
en
okr.pdfurl
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2009/11/17/000334955_20091117030236/Rendered/PDF/516310BRI0Fina1Box342046B001PUBLIC1.pdf
en
okr.topic
Macroeconomics and Economic Growth :: Economic Conditions and Volatility
okr.topic
Finance and Financial Sector Development :: Debt Markets
okr.topic
Finance and Financial Sector Development :: Currencies and Exchange Rates
okr.topic
Private Sector Development :: Emerging Markets
okr.topic
Economic Theory and Research
okr.unit
Office of VP & Head of Network (PRMVP)
okr.volume
1 of 1

Show simple item record



This item appears in the following Collection(s)