Ritschl, Albrecht 
ORCID: 0000-0003-0856-9704 and Sarferaz, Samad
(2014)
Currency versus banking in the financial crisis of 1931.
International Economic Review, 55 (2).
349 - 373.
ISSN 0020-6598
Abstract
During the 1920s, Germany was the world's largest capital importer, financing reparations through U.S. credits. We examine financial channels in crisis transmission between these two countries around the German financial crisis of 1931. We specify a structural dynamic factor model to identify financial and monetary factors separately for each of the two economies. We find substantial crisis transmission from Germany to the United States via the financial channel, while monetary or financial crisis transmission from the United States to Germany was weak. We also find major real effects of the 1931 crisis on both economies, again transmitted via the financial channel
| Item Type: | Article |
|---|---|
| Official URL: | https://onlinelibrary.wiley.com/journal/14682354 |
| Additional Information: | © 2014 The Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association |
| Divisions: | Economic History Centre for Economic Performance |
| Subjects: | H Social Sciences > HG Finance |
| JEL classification: | G - Financial Economics > G0 - General |
| Date Deposited: | 13 May 2014 14:38 |
| Last Modified: | 12 Dec 2024 00:38 |
| Funders: | European Science Foundation via the Globalizing Europe Economic History Network and the Marie Curie Research Training Networks |
| URI: | http://eprints.lse.ac.uk/id/eprint/56761 |
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