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In a study involving 16 Organisation for Economic Co-operation and Development, the nature and magnitude of the economic shocks that have affected the per capita gross domestic product (GDP) reveal that infrequent, large permanent and transitory shocks were found which were a result of two major wars, the recession in the 1920s and the Great Depression. Also the nature of the output trend examined showed that the GDP series cannot reject the unit root hypothesis in 13 countries, and in other three countries, no conclusions could be drawn.

Recently, Perron has carried out tests of the unit-root hypothesis against the alternative hypothesis of trend stationarity with a break in the trend occurring at the Great Crash of 1929 [...]

An extension of the body of literature on the responses of households and individuals to economic slumps was made by investigating outwardly oriented, political action. This research focused on farming couples in 12 states during the farm crisis in the 1980s. Findings supported the hypothesis that household and gender-based relationships are relevant to political responses in times of economic decline.

Self-presentations to a counselor were explored with both nonclinical and clinical samples. In Experiment 1, university students (N = 108) completed intake forms that would be anonymous or would be reviewed by a counselor or a peer. Participants in the counselor condition reported less symptomatology and higher self-esteem than did those in the anonymous condition. In Experiment 2, clients seeking counseling at a hospital (N = 92) completed intake forms that would be anonymous or would be reviewed by either a counselor or a counselor who requested that they reveal their innermost thoughts. There were no differences in reported levels of well-being across the 3 conditions; however, clients in the counselor conditions had higher social desirability scores than did those in the anonymous condition. Thus, although clients may be willing to present themselves as low in well-being to their counselor, they may try to look like good people.

A study was conducted to examine the impact of the Great Depression as its effects were felt in other countries. The study focuses on fixed exchange rates under the gold standard and its corresponding generation of negative demand shocks. It is shown that a relationship between the gold standard and the depression can be established. In addition, the depression generated a financial crisis which was most felt as banking panics and currency crises.

A study was conducted to evaluate the impact of financial variables on the Great Depression of the 1930s. The study focuses on developments involving research on financial links of the depression. Results show that a consideration of the influence of capital market imperfections on the events leading to the depression is vital. The inclusion of financial market disruptions and its links to generated economic activity should likewise be considered in analyzing major economic events.

A study was conducted to evaluate the economic depression which affected the US and other countries during the 1930s. The study focuses on a comparison of fundamental differences among countries in the depressive stages and traces the cause of and recovery basis for the US Great Depression. Results show that the depression exhibited more impact on the US compared to other countries. In addition, the US experience was catalyzed by a falling consumption level and ended with a rising investment trend.

The contagious nature of financial crises is evident in their impact on regional and emerging economies. This characteristic is part of the reasons why such crises draw attention and interest. The Latin American crisis of 1994-1995 and the Asian crisis of 1997-1998 were compared to determine the factors affecting the spread of crises across countries. Results revealed that vulnerability to capital flow reversals contributed to the Asian crisis while unhealthy financial and banking sectors contributed both to the Asian and the Latin American crises.