International aspects of the Great Depression and the crisis of 2007
Subtitle: similarities, differences, and lessons
By: Richard S. Grossman, Christopher M. Meissner
Contributors: Meissner, Christopher M. (Christopher Michael); National Bureau of Economic Research
Series: NBER working paper series -- working paper 16269; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16269.
Publisher: National Bureau of Economic Research
Published: 2010
Place of publication: Cambridge, MA
Language: eng
Format: [electronic resource] :
Description: "We focus on two international aspects of the Great Depression-financial crises and international trade- and try to discern lessons for the current economic crisis.  Both downturns featured global banking crises which were generated by boom-slump macroeconomic cycles.  During both crises, world trade collapsed faster than world incomes and the trade decline was highly synchronized across countries.  In the Depression, income losses and rises in trade barriers explain trade's collapse.  Due to vertical specialization and more intense trade in durables, today's trade collapse is due to uncertainty and small shocks to trade costs hitting international supply chains.  So far, the global economy has avoided the global trade wars and banking collapses of the Depression perhaps due to improved policy.  Even so, the global economy remains susceptible to large shocks due to financial innovation and technological change as recent events illustrate"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 9/23/2010.

Includes bibliographical references.

Also available in print.

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Mode of access: World Wide Web.