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SUMMARY:Asymmetric Propagation of Financial Crises During the Great Depres
 sion - Dr Olivier Accominotti\, London School of Economics
DTSTART:20120305T170000Z
DTEND:20120305T190000Z
UID:TALK35486@talks.cam.ac.uk
CONTACT:D'Maris Coffman
DESCRIPTION:This paper aims to identify the main factors of international 
 fi nancial crisis propagation during the 1930s. Based on an extensive cros
 s-country dataset documenting exchange market turbulence\, bond spreads an
 d stock market returns at a monthly frequency and using Principal Componen
 t Analysis\, I explore the main factors of co-movement in the internationa
 l fi nancial series. I fi nd that the 1931 crash accounts for most of the 
 co-movement between countries on all financial markets. Not only was the 1
 931 crisis the main global shock of the Great Depression\, but it also act
 ed divisively. Some countries remained una ffected by the shock and even b
 enefi ted from the crisis. I suggest that these countries' speci c path ov
 er the 1930s was related to their position as net exporters of capital dur
 ing the credit boom of the previous decade.\n 
LOCATION:Lucia Windsor Room\, Newnham College
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