London Merchant Banks, the Central European Panic, and the Sterling Crisis of 1931
利用新资产负债表数据，研究中欧恐慌如何通过伦敦商业银行的流动性压力传导至1931年英镑危机，揭示国际传染在全球金融危机中的关键作用。
The Central European panic of the spring 1931 is often presented as a cause of the sterling crisis of September. But what was the transmission channel? This article explores how the continent's financial troubles affected Britain's banking system. The freeze of Central European assets created a liquidity strain for London merchant banks because they had accepted (guaranteed) the commercial bills of German merchants. I use new balance sheet data to quantify this shock and explore how the liquidity crisis contributed to the sterling crisis. The evidence demonstrates that international contagion was crucial in transmitting the 1931 global financial crisis.