Arbeitspapier
Crisis? What crisis? Currency vs. banking in the Financial Crisis of 1931
This paper examines the role of currency and banking in the German financial crisis of 1931 for both Germany and the U.S. We specify a structural dynamic factor model to identify financial and monetary factors separately for each of the two economies. We find that monetary transmission through the Gold Standard played only a minor role in causing and propagating the crisis, while financial distress was important. We also find evidence of crisis propagation from Germany to the U.S. via the banking channel. Banking distress in both economies was apparently not endogenous to monetary policy. Results confirm Bernanke's (1983) conjecture that an independent, non-monetary financial channel of crisis propagation was operative in the Great Depression.
- Sprache
-
Englisch
- Erschienen in
-
Series: SFB 649 Discussion Paper ; No. 2010,014
- Klassifikation
-
Wirtschaft
Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-
Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: Pre-1913
Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications
Money and Interest Rates: Forecasting and Simulation: Models and Applications
Forecasting Models; Simulation Methods
- Thema
-
Great Depression
international business cycle transmission
Bayesian factor analysis
currency
banking
Finanzmarktkrise
Währungspolitik
Bankenliquidität
Goldwährung
Geldpolitik
Transmissionsmechanismus
Wirtschaftsgeschichte
Deutschland
USA
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Ritschl, Albrecht
Sarferaz, Samad
- Ereignis
-
Veröffentlichung
- (wer)
-
Humboldt University of Berlin, Collaborative Research Center 649 - Economic Risk
- (wo)
-
Berlin
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Ritschl, Albrecht
- Sarferaz, Samad
- Humboldt University of Berlin, Collaborative Research Center 649 - Economic Risk
Entstanden
- 2010
Ähnliche Objekte (12)
Currency crisis
Crisis? What Crisis?
Crisis! What crisis?
Crisis, what Crisis?
Trade crisis? What trade crisis?
A latent currency crisis
The twin crisis: from the transatlantic banking crisis to the euro crisis?
CITAS Ringvorlesung 2019/20. CRISIS? WHAT CRISIS?
Aftermath of the currency crisis
What happened to global banking after the crisis?
Crisis? What crisis? : Handreichungen und Fußnoten zur Weltliteratur
Multinational firms and the currency crisis
Currency crisis
Crisis? What Crisis?
Crisis! What crisis?
Crisis, what Crisis?
Trade crisis? What trade crisis?
A latent currency crisis
The twin crisis: from the transatlantic banking crisis to the euro crisis?
CITAS Ringvorlesung 2019/20. CRISIS? WHAT CRISIS?
Aftermath of the currency crisis
What happened to global banking after the crisis?
Crisis? What crisis? : Handreichungen und Fußnoten zur Weltliteratur
Multinational firms and the currency crisis
Currency crisis
Crisis? What Crisis?
Crisis! What crisis?
Crisis, what Crisis?
Trade crisis? What trade crisis?
A latent currency crisis
The twin crisis: from the transatlantic banking crisis to the euro crisis?
CITAS Ringvorlesung 2019/20. CRISIS? WHAT CRISIS?
Aftermath of the currency crisis
What happened to global banking after the crisis?
Crisis? What crisis? : Handreichungen und Fußnoten zur Weltliteratur