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The Hungarian twin crisis of 1931

Macher, Flora (2018) The Hungarian twin crisis of 1931. Economic History Review. pp. 1-28. ISSN 0013-0117

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Identification Number: 10.1111/ehr.12659


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.

Item Type: Article
Official URL:
Additional Information: © 2018 Economic History Society
Divisions: Economic History
Subjects: D History General and Old World > DJ Netherlands (Holland) > DJK Eastern Europe
H Social Sciences > HJ Public Finance
Date Deposited: 26 Feb 2018 14:31
Last Modified: 17 May 2024 16:03

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