<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2023000200555</article-id>
<article-id pub-id-type="doi">10.20430/ete.v90i358.1878</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Efectos no monetarios de la crisis financiera en la propagación de la Gran Depresión]]></article-title>
<article-title xml:lang="en"><![CDATA[Non-monetary effects of the financial crisis in the propagation of the Great Depression]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Bernanke]]></surname>
<given-names><![CDATA[Ben S.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,The Brookings Institution  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>USA</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2023</year>
</pub-date>
<volume>90</volume>
<numero>358</numero>
<fpage>555</fpage>
<lpage>593</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2023000200555&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2023000200555&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2023000200555&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo examina los efectos de la crisis financiera de la década de 1930 en la trayectoria del producto agregado durante ese periodo. La perspectiva es complementaria a la de Friedman y Schwartz, quienes enfatizaron el impacto monetario de las quiebras bancarias; nos enfocamos en los aspectos no monetarios (principalmente relacionados con el crédito) del vínculo entre el sector financiero y el producto, y consideramos los problemas de los deudores, así como los del sistema bancario. Argumentamos que las perturbaciones financieras de 1930-1933 redujeron la eficiencia del proceso de asignación de crédito, y que el mayor costo resultante y la menor disponibilidad de crédito actuaron para deprimir la demanda agregada. La evidencia sugiere que los efectos de este tipo pueden ayudar a explicar las inusuales duración y profundidad de la Gran Depresión.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper examines the effects of the financial crisis of the 1930s on the path of aggregate output during that period. Our approach is complementary to that of Friedman and Schwartz, who emphasized the monetary impact of the bank failures; we focus on non-monetary (primarily credit-related) aspects of the financial sector-output link and consider the problems of debtors as well as those of the banking system. We argue that the financial disruptions of 1930-1933 reduced the efficiency of the credit allocation process; and that the resulting higher cost and reduced availability of credit acted to depress aggregate demand. Evidence suggests that effects of this type can help explain the unusual length and depth of the Great Depression.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Gran Depresión]]></kwd>
<kwd lng="es"><![CDATA[crisis]]></kwd>
<kwd lng="es"><![CDATA[crédito]]></kwd>
<kwd lng="es"><![CDATA[sistema financiero]]></kwd>
<kwd lng="es"><![CDATA[New Deal]]></kwd>
<kwd lng="es"><![CDATA[G01]]></kwd>
<kwd lng="es"><![CDATA[G18]]></kwd>
<kwd lng="es"><![CDATA[G21]]></kwd>
<kwd lng="es"><![CDATA[H12]]></kwd>
<kwd lng="es"><![CDATA[N22]]></kwd>
<kwd lng="en"><![CDATA[Great Depression]]></kwd>
<kwd lng="en"><![CDATA[crisis]]></kwd>
<kwd lng="en"><![CDATA[credit]]></kwd>
<kwd lng="en"><![CDATA[financial system]]></kwd>
<kwd lng="en"><![CDATA[New Deal]]></kwd>
<kwd lng="en"><![CDATA[G01]]></kwd>
<kwd lng="en"><![CDATA[G18]]></kwd>
<kwd lng="en"><![CDATA[G21]]></kwd>
<kwd lng="en"><![CDATA[H12]]></kwd>
<kwd lng="en"><![CDATA[N22]]></kwd>
</kwd-group>
</article-meta>
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