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dc.contributor.authorRitschl, Albrechten_US
dc.contributor.authorSarferaz, Samaden_US
dc.date.accessioned2010-04-16en_US
dc.date.accessioned2010-08-26T11:56:56Z-
dc.date.available2010-08-26T11:56:56Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/39302-
dc.description.abstractThis 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.en_US
dc.language.isoengen_US
dc.publisherSFB 649, Economic Risk Berlinen_US
dc.relation.ispartofseriesSFB 649 discussion paper 2010,014en_US
dc.subject.jelN12en_US
dc.subject.jelN13en_US
dc.subject.jelE37en_US
dc.subject.jelE47en_US
dc.subject.jelC53en_US
dc.subject.ddc330en_US
dc.subject.keywordGreat Depressionen_US
dc.subject.keyword1931 financial crisisen_US
dc.subject.keywordinternational business cycle transmissionen_US
dc.subject.keywordBayesian factor analysisen_US
dc.subject.keywordcurrencyen_US
dc.subject.keywordbankingen_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwWährungspolitiken_US
dc.subject.stwBankenliquiditäten_US
dc.subject.stwGoldwährungen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwTransmissionsmechanismusen_US
dc.subject.stwWirtschaftsgeschichteen_US
dc.subject.stwDeutschlanden_US
dc.subject.stwUSAen_US
dc.titleCrisis? What crisis? Currency vs. banking in the Financial Crisis of 1931en_US
dc.typeWorking Paperen_US
dc.identifier.ppn623846519en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:SFB 649 Discussion Papers, HU Berlin

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