Credit supply shocks and the Great Depression in Germany

IF 1.2 1区历史学 Q3 ECONOMICS

European Review of Economic History Pub Date : 2020-12-16 DOI:10.1093/erehj/heaa023

Max Breitenlechner, Daniel Gründler, Gabriel P. Mathy, Johann Scharler

引用次数: 0

Abstract

At the peak of the Great Depression in mid-1931, Germany experienced a severe banking crisis. We study to what extent credit constraints contributed to the downturn by fitting a structural vector autoregressive model with data from January 1925 to September 1935. Adverse credit supply shocks contributed strongly to the downturn especially at the time of the 1931 banking crisis. Before that, credit supply shocks had also contributed to the expansion phase preceding the depression. We also find that aggregate demand and U.S. business cycle shocks were the primary drivers of the German Great Depression.

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信贷供应冲击和德国的大萧条

在1931年中期大萧条最严重的时候，德国经历了一场严重的银行危机。我们用1925年1月至1935年9月的数据拟合了一个结构向量自回归模型，研究了信贷约束对经济衰退的影响程度。不利的信贷供应冲击在很大程度上导致了经济下滑，尤其是在1931年银行业危机期间。在此之前，信贷供应冲击也促成了萧条前的扩张阶段。我们还发现，总需求和美国商业周期冲击是德国大萧条的主要驱动因素。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Review of Economic History Multiple-

CiteScore

2.60

自引率

7.10%

发文量

期刊介绍： European Review of Economic History has established itself as a major outlet for high-quality research in economic history, which is accessible to readers from a variety of different backgrounds. The Review publishes articles on a wide range of topics in European, comparative and world economic history. Contributions shed new light on existing debates, raise new or previously neglected topics and provide fresh perspectives from comparative research. The Review includes full-length articles, shorter articles, notes and comments, debates, survey articles, and review articles. It also publishes notes and announcements from the European Historical Economics Society.