Back to the future: Backtesting systemic risk measures during historical bank runs and the great depression

2020 ◽  
Vol 113 ◽  
pp. 105736 ◽  
Author(s):  
Christian Brownlees ◽  
Ben Chabot ◽  
Eric Ghysels ◽  
Christopher Kurz
Keyword(s):  
Great Depression ◽  
Systemic Risk ◽  
Risk Measures ◽  
Bank Runs ◽  
The Great Depression ◽  
The Future

Back to the Future: Backtesting Systemic Risk Measures During Historical Bank Runs and the Great Depression

2017 ◽  
Author(s):  
Christian T. Brownlees ◽  
Benjamin Remy Chabot ◽  
Eric Ghysels ◽  
Christopher Johann Kurz
Keyword(s):  
Great Depression ◽  
Systemic Risk ◽  
Risk Measures ◽  
Bank Runs ◽  
The Great Depression ◽  
The Future

The Pragmatic Basis of Keynes's Political Economy

1946 ◽  
Vol 6 (2) ◽  
pp. 121-152 ◽  
Author(s):  
Dudley Dillard
Keyword(s):  
Political Economy ◽  
Great Depression ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
John Maynard Keynes ◽  
The Great Depression ◽  
Widespread Adoption ◽  
The Future ◽  
History Of ◽  
Second World

Although we still live in the shadow of the years between the First and the Second World Wars, already it seems quite clear that future historians of economic thought will regard John Maynard Keynes as the outstanding economist of this turbulent period. As one writer has recently said, “The rapid and widespread adoption of the Keynesian theory by contemporary economists, particularly by those who at first were highly critical, will probably be recorded in the future history of economic thought as an extraordinary happening.” Book after book by leading economists acknowledges a heavy debt to the stimulating thought of Lord Keynes. The younger generation of economists, especially those whose thinking matured during the great depression of the thirties, have been particularly influenced by him.

scholarly journals The Founding of the Federal Reserve, the Great Depression, and the Evolution of the U.S. Interbank Network

2019 ◽  
Vol 80 (1) ◽  
pp. 69-99 ◽  
Author(s):  
Matthew Jaremski ◽  
David C. Wheelock
Keyword(s):  
Great Depression ◽  
Federal Reserve ◽  
Systemic Risk ◽  
Important Determinant ◽  
Survival Rates ◽  
Financial Network ◽  
The Great Depression ◽  
Key Events ◽  
The U.S ◽  
Over Time

Financial network structure is an important determinant of systemic risk. This article examines how the U.S. interbank network evolved over a long and important period that included two key events: the founding of the Federal Reserve and the Great Depression. Banks established connections to correspondents that joined the Federal Reserve in cities with Fed offices, initially reducing overall network concentration. The network became even more focused on Fed cities during the Depression, as survival rates were higher for banks with more existing connections to Fed cities, and as survivors established new connections to those cities over time.

6. Crisis? What crisis?

2015 ◽  
pp. 102-126
Author(s):  
James Fulcher
Keyword(s):  
Financial Crisis ◽  
Great Depression ◽  
Great Recession ◽  
17Th Century ◽  
Capitalist Society ◽  
The West ◽  
2008 Financial Crisis ◽  
Normal Part ◽  
The Great Depression ◽  
The Future

Is capitalism in a state of crisis? Crises are in fact a normal part of the functioning of a capitalist society. ‘Crisis? What Crisis?’ looks at crises in capitalism from ‘tulipomania’ in 17th-century Amsterdam through to the 2007–2008 financial crisis and ‘great recession’, the most serious crisis since the Great Depression of the 1930s. It considers the future of capitalism and argues that it may be shaped not by the institutions and structures of the static or declining countries of the West, but the countries of the East. It discusses whether there are alternatives to capitalism and argues that alternatives exist within capitalism rather than outside it.

Agriculture and Protectionsm in Chile, 1880–1930

1975 ◽  
Vol 7 (1) ◽  
pp. 45-58 ◽  
Author(s):  
Thomas C. Wright
Keyword(s):  
Great Depression ◽  
National Income ◽  
Half Century ◽  
The Great Depression ◽  
The Pacific ◽  
The Future ◽  
Alternative Sources ◽  
War Of The Pacific

In searching for the roots of Chile's persistent economic frustrations, numerous investigators have turned their attention to the period between the War of the Pacific and the Great Depression. During that half century Chile's elites enjoyed the bounty of the nitrate age but, perhaps lulled by the glowing trade statistics, generous fiscal revenues and general aura of prosperity which nitrates provided, neglected to develop alternative sources of national income for the future.

Narrative Economics

2017 ◽  
Vol 107 (4) ◽  
pp. 967-1004 ◽  
Author(s):  
Robert J. Shiller
Keyword(s):  
Quantitative Analysis ◽  
Human Brain ◽  
Economic Impact ◽  
Great Depression ◽  
Great Recession ◽  
Economic Situation ◽  
Economic Fluctuations ◽  
The Great Depression ◽  
The Future ◽  
Political Economic

This address considers the epidemiology of narratives relevant to economic fluctuations. The human brain has always been highly tuned toward narratives, whether factual or not, to justify ongoing actions, even such basic actions as spending and investing. Stories motivate and connect activities to deeply felt values and needs. Narratives “go viral” and spread far, even worldwide, with economic impact. The 1920–1921 Depression, the Great Depression of the 1930s, the so-called Great Recession of 2007–2009, and the contentious political-economic situation of today are considered as the results of the popular narratives of their respective times. Though these narratives are deeply human phenomena that are difficult to study in a scientific manner, quantitative analysis may help us gain a better understanding of these epidemics in the future. (JEL D72, E32, G01, N10)

Symposium on Federal Deposit Insurance for S&L Institutions

1989 ◽  
Vol 3 (4) ◽  
pp. 3-9 ◽  
Author(s):  
Dwight M Jaffee
Keyword(s):  
Great Depression ◽  
Commercial Bank ◽  
Deposit Insurance ◽  
Bush Administration ◽  
Bank Runs ◽  
Future Prospects ◽  
The Great Depression ◽  
Bank Deposits ◽  
Savings And Loan ◽  
Federal Deposit Insurance

Federal deposit insurance was introduced to eliminate the bank runs of the Great Depression: the FDIC (Federal Deposit Insurance Corporation) was created in 1933 to insure commercial bank deposits, and the FSLIC (Federal Savings and Loan Insurance Corporation) was created in 1934 to insure savings and loan association (S&L) deposits. Following a decade of neglect, the Bush administration and Congress moved early in 1989 to resolve the most serious problems yet to confront federal insurance of U.S. bank deposits. How did S&L losses expand so rapidly and unexpectedly? How should FSLIC be redesigned to avoid a reoccurance? Who is going to pay for the existing FSLIC losses? What are the future prospects for the S&L industry?

Néo-socialism : The belgian case

Res Publica ◽  
1976 ◽  
Vol 18 (1) ◽  
pp. 59-80
Author(s):  
Steven Philip Kramer
Keyword(s):  
Great Depression ◽  
Capitalist Society ◽  
Democratic Institutions ◽  
Collective Security ◽  
Significant Challenge ◽  
The Great Depression ◽  
The Future ◽  
De Man ◽  
Advanced Capitalist

The inability of reformist socialism to cape with the rise of fascism and the Great Depression led to a significant challenge by neo-socialists.In Belgium, this challenge was led by De Man and Spaak. In 1933, the POB accepted De Man's Plan as its program of action; in 1935 it entered into the Van Zeeland government. Although in many ways, theneos showed greater understanding of the nature of advanced capitalist society than the orthodox reformists, they displayed an alarming tendency to try to preempt fascism by emulating certain fascist positions.De Man and Spaak broke with socialist internationalism and collective security. De Man became convinced of the bankruptcy of democratic institutions and of the democratic states. This attitude ultimately led him from neutralism to collaboration, in the belief that fascism was indeed the wave of the future.

PUBLIC ACCOUNTING IN 1929

1980 ◽  
Vol 7 (2) ◽  
pp. 23-44
Author(s):  
Alan P. Mayer-Sommer
Keyword(s):  
Great Depression ◽  
Certified Public Accountants ◽  
Public Accounting ◽  
Legal Standards ◽  
The Great Depression ◽  
Professional Recognition ◽  
The Future ◽  
Challenges And Opportunities ◽  
Public Accountants ◽  
Definition Of

Shortly before the beginning of the Great Depression, certified public accountants were struggling for both an acceptable definition of their role as well as professional recognition. This paper describes the environment in which CPAs worked as well as their concerns. Areas reviewed include training and entry into the field, ethical and legal standards, conduct of practice, financial rewards, professional concerns, and perceptions of the future. The purpose of the paper is to increase our appreciation of the challenges and opportunities facing CPAs in 1929.

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