TAILIEUCHUNG - BIS Working Papers No 333 Banking crises and the international monetary system in the Great Depression and now

At the labour levels, workers continue relocating because of labour demands, usually in developed countries, economic distress in their home countries, or a combination of both. In addition, families are increasingly becoming transnational with relatives living in more than one country, reuniting, visiting regularly, while maintaining a transnational network of communic ation (Faist, 2000). Transatlantic migration has also grown, as is the case of people of Bangladesh, India, and Pakistan going to Europe and the United States, or those of the Dominican Republic, Ecuador, Guyana, and Jamaica moving to Europe and. | BANK FOR INTERNATIONAL SETTLEMENTS BIS Working Papers No 333 Banking crises and the international monetary system in the Great Depression and now by Richhild Moessner and William A Allen Monetary and Economic Department December 2010 JEL classification E58 F31 N1. Key words Banking crisis international monetary system Great Depression central bank liquidity. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements and from time to time by other economists and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. Copies of publications are available from Bank for International Settlements Communications CH-4002 Basel Switzerland E-mail publications@ Fax 41 61 280 9100 and 41 61 280 8100 This publication is available on the BIS website . Bank for International Settlements 2010. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 print ISBN 1682-7678 online Banking Crises and the International Monetary System in the Great Depression and Now1 Richhild Moessner Bank for International Settlements William A. Allen Cass Business School November 2010 Abstract We compare the banking crises in 2008-09 and in the Great Depression and analyse differences in the policy response to the two crises in light of the prevailing international monetary systems. The scale of the 2008-09 banking crisis as measured by falls in international short-term indebtedness and total bank deposits was smaller than that of 1931. However central bank liquidity provision was larger in 2008-09 than in 1931 when it had been constrained in many countries by the gold standard. Liquidity shortages destroyed the international monetary system in 1931. By contrast central bank liquidity could be and was provided much .

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