In the Eye of a Storm: Manhattan's Money Center Banks during the International Financial Crisis of 1931

Gary Richardson and Patrick Van Horn ()

No 16-7, Working Paper from Federal Reserve Bank of Richmond

Abstract: In 1931, a financial crisis began in Austria, spread to Germany, forced Britain to abandon the gold standard, crossed the Atlantic, and afflicted financial institutions in the United States. This article describes how banks in New York City, the central money market of the United States, reacted to this trans-Atlantic financial disturbance. An array of sources tells a consistent tale. Banks in New York anticipated events in Europe, prepared for them by accumulating substantial reserves, and during the crisis, continued business as usual. New York's leading bankers deliberately and collectively decided on the business-as-usual policy in order to minimize the impact of the panic in the United States.

JEL-codes: E51 E52 E58 G21 G28 N12 N22 (search for similar items in EconPapers)
Pages: 53 pages
Date: 2016-07-06
New Economics Papers: this item is included in nep-cba, nep-ger, nep-his and nep-mac
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Citations: View citations in EconPapers (1)

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Related works:
Journal Article: In the eye of a Storm: Manhattan's money center banks during the international financial crisis of 1931 (2018)
Working Paper: In the Eye of a Storm: Manhattan's Money Center Banks During the International Financial Crisis of 1931 (2011)
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