New IMF data sheds light on interwar instability

A queue of unemployed workers during the Great Depression
The research finds the structure of global debts contributed to the Great Depression

A new dataset compiled by the International Monetary Fund allows new forms of analysis on the interwar period, showing how the structure of government debt contributed to the system’s downfall in 1930.

In the working paper, Nicolas End, Marina Marinkov and Fedor Miryugin say their instrument-level data on 18 major economies allows them to perform network analysis that would previously have been impossible. The database they compiled includes data on 3,800 individual debt instruments, including

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