NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

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

Olivier Accominotti, Barry Eichengreen

NBER Working Paper No. 19580
Issued in October 2013
NBER Program(s):   DAE   IFM

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.

You may purchase this paper on-line in .pdf format from SSRN.com ($5) for electronic delivery.

Information about Free Papers

You should expect a free download if you are a subscriber, a corporate associate of the NBER, a journalist, an employee of the U.S. federal government with a ".GOV" domain name, or a resident of nearly any developing country or transition economy.

If you usually get free papers at work/university but do not at home, you can either connect to your work VPN or proxy (if any) or elect to have a link to the paper emailed to your work email address below. The email address must be connected to a subscribing college, university, or other subscribing institution. Gmail and other free email addresses will not have access.

E-mail:

Acknowledgments

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w19580

Users who downloaded this paper also downloaded these:
Bordo and Landon-Lane w19584 What Explains House Price Booms?: History and Empirical Evidence.
Bordo and Landon-Lane w19585 Does Expansionary Monetary Policy Cause Asset Price Booms; Some Historical and Empirical Evidence
Estrada, Gali, and López-Salido w19561 Patterns of Convergence and Divergence in the Euro Area
Chitu, Eichengreen, and Mehl w18697 History, Gravity and International Finance
Grubb w19577 The Continental Dollar: How the American Revolution was Financed with Paper Money—Initial Design and Ideal Performance
 
Publications
Activities
Meetings
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us