Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870–—2008

The financial crisis has refocused attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the years 1870–2008. Total credit has...

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Bibliographic Details
Published in:	The American economic review Vol. 102; no. 2; pp. 1029 - 1061
Main Authors:	Schularick, Moritz, Taylor, Alan M.
Format:	Journal Article
Language:	English
Published:	Nashville American Economic Association 01.04.2012 American Economic Assoc
Subjects:	1870-2008 19th century 20th century 21st century Alliances Bank assets Bank credit Bank liabilities Bank loans Banking crises Central banks Credit Cross-national analysis Datasets Economic busts Economic crises Economic crisis Economic history Economic indicators Economic policy Economics Financial crisis Financial economics Historical analysis Industrialized nations Macroeconomics Monetary policy Money Money and credit Money supply Policy making Shorter Papers Stock prices Studies
ISSN:	0002-8282, 1944-7981
Online Access:	Get full text
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