To Raise the Golden Anchor? Financial Crises and Uncertainty During the Great Depression
研究两次世界大战期间金融危机、不确定性与经济增长的关系，发现金本位承诺可信度下降导致资本外逃和利率波动加剧，进而抑制经济增长，表明金融危机通过增加不确定性加剧了大萧条。
This study examines the interplay between financial crises, uncertainty, and economic growth during the interwar period. Comparing the experiences of ten countries, we provide evidence that reductions in the credibility of a country's commitment to the gold standard generated capital flight and higher interest rate volatility. This volatility, in turn, was inversely correlated with economic growth. These results suggest that financial crises helped propagate the Great Depression, in part, by increasing uncertainty.