The Mother of All Sudden Stops: Capital Flows and Reversals in Europe, 1919-32

Olivier Accominotti and Barry Eichengreen

No 19580, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We present new data documenting European capital issues in major financial centers from 1919 to 1932. Push factors (conditions in international capital markets) perform better than pull factors (conditions in the borrowing countries) in explaining the surge and reversal in capital flows. In particular, the sharp increase in stock market volatility in the major financial centers at the end of the 1920s figured importantly in the decline in foreign lending. We draw parallels with Europe today.

JEL-codes: F0 F4 N0 N14 (search for similar items in EconPapers)
Date: 2013-10
New Economics Papers: this item is included in nep-his and nep-opm
Note: DAE IFM
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Citations: View citations in EconPapers (17)

Published as Olivier Accominotti & Barry Eichengreen, 2016. "The mother of all sudden stops: capital flows and reversals in Europe, 1919-32," The Economic History Review, vol 69(2), pages 469-492.

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Related works:
Journal Article: The mother of all sudden stops: capital flows and reversals in Europe, 1919–32 (2016)
Working Paper: The mother of all sudden stops: capital flows and reversals in Europe, 1919-32 (2016)
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