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  3. The Credit-Anstalt Crisis of 1931
  • Cited by 16
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    • Publisher:
      Cambridge University Press
      Publication date:
      20 March 2010
      31 January 1992
      ISBN:
      9780511664632
      9780521365376
      9780521030298
      DOI:
      https://doi.org/10.1017/CBO9780511664632
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.465kg, 224 Pages
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.349kg, 224 Pages
      • Subjects:
      Economics, Macroeconomics, History, Finance and Accountancy, Economic History
      Series:
      Studies in Macroeconomic History
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    • Selected: Digital
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    Subjects:
    Economics, Macroeconomics, History, Finance and Accountancy, Economic History
    Series:
    Studies in Macroeconomic History
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    Book description

    Austria played a prominent role in the worldwide events of 1931 as the largest bank in Central and Eastern Europe, the Viennese Credit-Anstalt, collapsed and led Europe into a financial panic that spread to other parts of the world. The events in Austria were pivotal to the economic developments of the 1930s, yet the literature about them has been sparse. In this book, Schubert analyses the crisis using theories of financial crises, identifies the causes of the crisis, examines the market's efficiency in predicting events, analyses how the crisis was transmitted to the real sector, and studies the behaviour of the Austrian as well as international authorities as lenders of last resort. His main conclusion is that even decades after the crisis, many of its lessons are still valid. Managerial and regulatory deficiencies led to the collapse of the bank; the subsequent currency crisis was not an irrational and unexplainable panic by a confused public, but rather a rational response to inconsistencies in policy; and the reactions of the largely unprepared authorities - in Austria as well as abroad - did not help to resolve the crisis quickly.

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