tailieunhanh - The Financial Markets and Financial Crises

Analysis carried out in the city case studies show that sound urban environmental management is also good for climate adaptation. As the Bangkok study shows, land subsidence, if not arrested, would contribute a greater share of damage costs from floods than a projected change in climate conditions. Thus, addressing land subsidence and factors con- tributing to it is important from the perspective of urban adaptation. While the HCMC study has not estimated the damage costs due to other environ- ment-development factors—such as the presence of solid waste in the city’s drains and waterways, poor dredging of canals, siltation of drains, deforesta- tion in. | This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title Financial Markets and Financial Crises Volume Author Editor R. Glenn Hubbard editor Volume Publisher University of Chicago Press Volume ISBN 0-226-35588-8 Volume URL http books glen91-1 Conference Date March 22-24 1990 Publication Date January 1991 Chapter Title The Gold Standard Deflation and Financial Crisis in the Great Depression An International Comparison Chapter Author Ben Bemanke Harold James Chapter URL http chapters c11482 Chapter pages in book p. 33 - 68 2 The Gold Standard Deflation and Financial Crisis in the Great Depression An International Comparison Ben Bernanke and Harold James Introduction Recent research on the causes of the Great Depression has laid much of the blame for that catastrophe on the doorstep of the international gold standard. In his new book Temin 1989 argues that structural flaws of the interwar gold standard in conjunction with policy responses dictated by the gold standard s rules of the game made an international monetary contraction and deflation almost inevitable. Eichengreen and Sachs 1985 have presented evidence that countries which abandoned the gold standard and the associated contractionary monetary policies recovered from the Depression more quickly than countries that remained on gold. Research by Hamilton 1987 1988 supports the propositions that contractionary monetary policies in France and the United States initiated the Great Slide and that the defense of gold standard parities added to the deflationary The gold standard-based explanation of the Depression which we will elaborate in section is in most respects compelling. The length and depth of the deflation during the late 1920s and early 1930s strongly suggest a monetary origin and the close correspondence across both space and time between deflation and nations adherence to the gold standard shows the power