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Title: The limits to lender of last resort interventions in emerging economies: evidence from the Gold Standard and the Great Depression in Spain
Author: Jorge-Sotelo, Enrique
Keywords: Història econòmica
Crisi econòmica del 1929
Economia monetària
Economic history
Depression, 1929
Monetary economics
Issue Date: Feb-2020
Publisher: Oxford University Press
Abstract: Conventional accounts argue that Spain escaped the Great Depression because its currency was not convertible to gold. Accordingly, when a bank run ensued in 1931, the Banco de España would have been able to lend freely as lender of last resort. Drawing on new archival data on bank balance sheets and discount window borrowing, I show that rapid currency depreciation caused by the reversal in international capital flows that started in 1928 bounded monetary authorities to a dilemma between liquidity assistance and capital mobility during the 1931 crisis. These limits to policy reaction help explain the sharp contraction in bank lending and economic activity during and after 1931.
Note: Versió postprint del document publicat a:
It is part of: European Review of Economic History, 2020, vol. 24, num. 1, p. 98-133
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ISSN: 1361-4916
Appears in Collections:Articles publicats en revistes (Història Econòmica, Institucions, Política i Economia Mundial)

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