全球智库信息集成服务系统(G2TT): DP13287 Flight-to-safety and the Credit Crunch: A new history of the banking crisis in France during the Great Depression

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP13287
	DP13287 Flight-to-safety and the Credit Crunch: A new history of the banking crisis in France during the Great Depression
	Patrice Baubeau; Eric Monnet; Angelo Riva; Stefano Ungaro
发表日期	2018-10-31
出版年	2018
语种	英语
摘要	Despite France's importance in the interwar world economy, the scale and consequences of the French banking crises of 1930–1931 were never assessed quantitatively due to lack of data in the absence of banking regulation. Using a new dataset of individual balance sheets from more than 400 banks, we show that the crisis was more severe and occurred earlier than previously thought, and it was very asymmetric, without affecting main commercial banks. The primary transmission channel was a flight-to-safety of deposits from banks to savings institutions and the central bank, leading to a major, persistent disruption in business lending. In line with the gold standard mentality, cash deposited with savings institutions and the central bank was used to decrease marketable public debt and increase gold reserves, rather than pursue countercyclical policies. Despite massive capital inflows, France suffered from a severe, persistent credit crunch.
主题	Economic History
关键词	Great depression Flight-to-safety France Banking panics Savings banks Gold standard
URL	https://cepr.org/publications/dp13287
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/542097
推荐引用方式 GB/T 7714	Patrice Baubeau,Eric Monnet,Angelo Riva,et al. DP13287 Flight-to-safety and the Credit Crunch: A new history of the banking crisis in France during the Great Depression. 2018.