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The Hungarian twin crisis of 1931

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  • Flora Macher

Abstract

Even though Germany, Austria, and Hungary experienced a major financial crisis simultaneously in 1931, of the three, only Germany's and Austria's episodes have been investigated in depth. This article offers a thorough assessment of the missing piece. It finds that, just like Germany, Hungary also experienced a twin crisis. The primary reason for the weakness of the financial sector was banks’ excessive exposure to agricultural loans. The fragility of the currency was the result of an early balance‐of‐payments crisis in 1928/9. The vulnerability of the banking and monetary systems culminated in a twin crisis in 1931.

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  • Flora Macher, 2019. "The Hungarian twin crisis of 1931," Economic History Review, Economic History Society, vol. 72(2), pages 641-668, May.
    • Handle: RePEc:bla:ehsrev:v:72:y:2019:i:2:p:641-668
    DOI: 10.1111/ehr.12659
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    Cited by:

    1. Monnet, Eric & Degorce, Victor, 2020. "The Great Depression as a Saving Glut," CEPR Discussion Papers 15287, C.E.P.R. Discussion Papers.

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