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The Hungarian twin crisis of 1931

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  • Macher, Flora

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.

Suggested Citation

  • Macher, Flora, 2018. "The Hungarian twin crisis of 1931," LSE Research Online Documents on Economics 86874, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:86874
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    File URL: http://eprints.lse.ac.uk/86874/
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    Cited by:

    1. Ho, Tai-kuang & Yeh, Kuo-chun, 2019. "Were capital flows the culprit in the Weimar economic crisis?," Explorations in Economic History, Elsevier, vol. 74(C).

    More about this item

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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