LAS CRISIS BANCARIAS Y EL SISTEMA MONETARIO INTERNACIONAL EN LA GRAN DEPRESIóN Y EN LA ACTUALIDAD

we identify similarities and differences in the scale and nature of the banking crises in 2008-2009 and the great depression, and analyse differences in the policy response to the two crises in light of the prevailing international monetary systems. we find that the scale of the banking crises, as measured by falls in international short-term indebtedness and total bank deposits, was smaller in 2008-2009 than in 1931. however, central bank liquidity provision was larger in the flexible exchange rate environment of 2008-2009 than in 1931, when it had been constrained in many countries by the gold standard.