Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/39302 
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dc.contributor.authorRitschl, Albrechten
dc.contributor.authorSarferaz, Samaden
dc.date.accessioned2010-04-16-
dc.date.accessioned2010-08-26T11:56:56Z-
dc.date.available2010-08-26T11:56:56Z-
dc.date.issued2010-
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
dc.language.isoengen
dc.publisher|aHumboldt University of Berlin, Collaborative Research Center 649 - Economic Risk |cBerlinen
dc.relation.ispartofseries|aSFB 649 Discussion Paper |x2010,014en
dc.subject.jelN12en
dc.subject.jelN13en
dc.subject.jelE37en
dc.subject.jelE47en
dc.subject.jelC53en
dc.subject.ddc330en
dc.subject.keywordGreat Depressionen
dc.subject.keyword1931 financial crisisen
dc.subject.keywordinternational business cycle transmissionen
dc.subject.keywordBayesian factor analysisen
dc.subject.keywordcurrencyen
dc.subject.keywordbankingen
dc.subject.stwFinanzmarktkriseen
dc.subject.stwWährungspolitiken
dc.subject.stwBankenliquiditäten
dc.subject.stwGoldwährungen
dc.subject.stwGeldpolitiken
dc.subject.stwTransmissionsmechanismusen
dc.subject.stwWirtschaftsgeschichteen
dc.subject.stwDeutschlanden
dc.subject.stwUSAen
dc.titleCrisis? What crisis? Currency vs. banking in the Financial Crisis of 1931-
dc.type|aWorking Paperen
dc.identifier.ppn623846519en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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