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The Great Crash of 1929

Part of the Palgrave Studies in the History of Finance Book Series

DOI: 10.1057/9781137372895

ISBN: 978-1-349-47637-4

Publisher: Palgrave Macmillan UK - Springer Journals

Nov 16, 2015

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Chapter 1Prologue

Kabiri, Ali

Pages: 1 –16

[The research, which forms the basis of this book, was motivated by a desire to understand one of the most controversial topics in economic history. Using new data, current financial models and financial theory from the 1920s, we reconstruct fundamental estimates of the values of US stocks and...
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Chapter 2Introduction

Kabiri, Ali

Pages: 17 –30

[The financial crisis of 2008 has rekindled interest in topics within the diverse field of economics, ranging from understanding systemic risk within the global banking system (Acharya, 2009), to how the financial system interacts with the real economy (Bayoumi and Darius, 2011), to the neuronal...
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Chapter 3Literature Review and Methodology

Kabiri, Ali

Pages: 31 –57

[The valuation of stock markets, and specifically, instances of financial euphoria when these seem to deviate from fundamental expectations have been of perennial interest to economic and financial academia since the 1929 Crash and the Great Depression. Academic research into the boom and bust of...
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Chapter 4The US Economy and the Financial System

Kabiri, Ali

Pages: 58 –93

[Perhaps one of the most famous economic time series graphs of all time is the US stock market boom and crash of the 1920s and 1930s. What can be seen is a large run-up in prices and then a large reversal. The temptation many have succumbed to is to see the boom and bust as prima facie evidence...
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Chapter 5The Returns to US Common Stocks from 1871 to 2010

Kabiri, Ali

Pages: 94 –144

[We have already examined whether the monetary expansion in the US economy from 1914 to 1929 was neutral from the perspective of stock market valuation ratios and real dividend growth in Chapter 3. The second part of the boom, from 1927 to 1929, whilst controlling for the effect of the increase...
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Chapter 6The October Crash of 1929 and the NYSE Credit System

Kabiri, Ali

Pages: 145 –173

[In this chapter we look at the crash in October 1929 — where stock prices fell by 45 per cent over the last weeks of October — the credit system that developed around the NYSE, and the policy of the Federal Reserve Board towards the boom. What we will see is that an unusual credit system...
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Chapter 7The Great Contraction of 1929–1932 and the Value of Stocks

Kabiri, Ali

Pages: 174 –186

[The Great Depression, and what caused it, was famously dubbed ‘the holy grail of macroeconomics’ by Ben S. Bernanke, the former Chairman of the Federal Reserve Board (Bernanke, 1995). This period is of great interest to economic historians and financial economists due to the scale of the crises...
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Chapter 8Conclusions

Kabiri, Ali

Pages: 187 –205

[The research was designed to answer an enduring question in economic and financial history and was motivated by a desire to provide additional data to Cowles (1938), the raw data for which were stored on Hollerith cards, which were lost (Goetzmann and Ibbotson, 2006). We also wanted to test...

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