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Fetters of Debt, Deposit, or Gold during the Great Depression? The International Propagation of the Banking Crisis of 1931

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Author Info
Gary Richardson
Patrick Van Horn
Abstract

A banking crisis began in Austria in May 1931 and intensified in July, when runs struck banks throughout Germany. In September, the crisis compelled Britain to quit the gold standard. Newly discovered data shows that failure rates rose for banks in New York City, at the center of the United States money market, in July and August 1931, before Britain abandoned the gold standard and before financial outflows compelled the Federal Reserve to raise interest rates. Banks in New York City had large exposures to foreign deposits and German debt. This paper tests to see whether the foreign exposure of money center banks linked the financial crises on the two sides of the Atlantic.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 12983.

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Date of creation: Mar 2007
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Handle: RePEc:nbr:nberwo:12983

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Find related papers by JEL classification:
F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F34 - International Economics - - International Finance - - - International Lending and Debt Problems
N1 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations
N12 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - U.S.; Canada: 1913-
N14 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Europe: 1913-
N2 - Economic History - - Financial Markets and Institutions

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Joseph R. Mason, 1998. "American banks during the Great Depression: a new research agenda," Review, Federal Reserve Bank of St. Louis, issue May, pages 151-152. [Downloadable!]
  2. Bernanke, Ben S, 1995. "The Macroeconomics of the Great Depression: A Comparative Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(1), pages 1-28, February. [Downloadable!] (restricted)
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  3. Hamilton, James D, 1988. "Role of the International Gold Standard in Propagating the Great Depression," Contemporary Economic Policy, Oxford University Press, vol. 6(2), pages 67-89, April.
  4. Mark Carlson, 2004. "Are Branch Banks Better Survivors? Evidence from the Depression Era," Economic Inquiry, Oxford University Press, vol. 42(1), pages 111-126, January. [Downloadable!] (restricted)
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