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Comment on “The German Twin Crisis of 1931”

Published online by Cambridge University Press:  01 September 2004

THOMAS FERGUSON
Affiliation:
Professor, Department of Political Science, University of Massachusetts at Boston, 100 Morrissey Blvd., Boston, MA 02125-3393. E-mail: thomas.ferguson@umb.edu
PETER TEMIN
Affiliation:
Professor, Department of Economics, Massachusetts Institute of Technology; E52-280A, 50 Memorial Drive, Cambridge, MA 02142-1347, and Research Associate, National Bureau of Economic Research, E-mail: ptemin@mit.edu

Extract

It is lovely to see attention to this critical episode in the Great Depression. Isabel Schnabel repeats the familiar argument that bank behavior was a primary cause of the German crisis. We have argued elsewhere that the German crisis clearly began as a currency crisis, not a banking crisis. The purpose of this comment is to examine the data that Schnabel's article brings to bear on this question and evaluate the evidence it presents in support of its hypotheses.

Type
NOTES AND DISCUSSION
Copyright
© 2004 The Economic History Association

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References

Archives, French Ministry of Finance
Ferguson Thomas, and Peter Temin. 2003: “Made in Germany: The German Currency Crisis of 1931.” Research in Economic History 21 153.Google Scholar
Schnabel Isabel. 2004: “The German Twin Crisis of 1931.” This JOURNAL 64, no. 3 82271.Google Scholar
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