Efectos no monetarios de la crisis financiera en la propagación de la Gran Depresión

• Bernanke, Ben S. ^[1]
  1. [1] Brookings Institution

     Brookings Institution

     Estados Unidos

     
• Localización: El trimestre económico, ISSN-e 2448-718X, ISSN 0041-3011, Nº. 358, 2023 (Ejemplar dedicado a: abril-junio), págs. 555-593
• Idioma: español
• DOI: 10.20430/ete.v90i358.1878
• Títulos paralelos:
  • Non-monetary effects of the financial crisis in the propagation of the Great Depression
• Enlaces
  • Texto completo
• Resumen
  • español

    Este artículo examina los efectos de la crisis financiera de la década de 1930 en la trayectoria del producto agregado durante ese periodo. La perspectiva es complementaria a la de Friedman y Schwartz, quienes enfatizaron el impacto monetario de las quiebras bancarias; nos enfocamos en los aspectos no monetarios (principalmente relacionados con el crédito) del vínculo entre el sector financiero y el producto, y consideramos los problemas de los deudores, así como los del sistema bancario. Argumentamos que las perturbaciones financieras de 1930-1933 redujeron la eficiencia del proceso de asignación de crédito, y que el mayor costo resultante y la menor disponibilidad de crédito actuaron para deprimir la demanda agregada. La evidencia sugiere que los efectos de este tipo pueden ayudar a explicar las inusuales duración y profundidad de la Gran Depresión.

  • English

    This paper examines the effects of the financial crisis of the 1930s on the path of aggregate output during that period. Our approach is complementary to that of Friedman and Schwartz, who emphasized the monetary impact of the bank failures; we focus on non-monetary (primarily credit-related) aspects of the financial sector-output link and consider the problems of debtors as well as those of the banking system. We argue that the financial disruptions of 1930-1933 reduced the efficiency of the credit allocation process; and that the resulting higher cost and reduced availability of credit acted to depress aggregate demand. Evidence suggests that effects of this type can help explain the unusual length and depth of the Great Depression.

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