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The German Twin Crisis of 1931

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Author Info
SCHNABEL, ISABEL

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Abstract

Using information on banks balance sheets, I analyze the causal links between the banking and currency problems in the German crisis of 1931. I find that the crisis had two independent causes: Political shocks triggered a run on the Reichsmark; and the excessive risk-taking by banks that were too big to fail led to a run on banks. Due to the high level of foreign debt in the banking system, the run on the currency and the deposit withdrawals reinforced each other in a vicious circle and resulted in a banking panic and the abandonment of the gold standard.

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Publisher Info
Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 64 (2004)
Issue (Month): 03 (September)
Pages: 822-871
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Handle: RePEc:cup:jechis:v:64:y:2004:i:03:p:822-871_00

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  1. Wolf, Nikolaus, 2008. "Scylla and Charybdis. Explaining Europe’s Exit from Gold, January 1928- December 1936," CEPR Discussion Papers 6685, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Hakenes, Hendrik & Schnabel, Isabel, 2004. "Banks without Parachutes -- Competitive Effects of Government Bail-out Policies," Sonderforschungsbereich 504 Publications 04-53, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
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