The Hungarian twin crisis of 1931
研究了1931年匈牙利与德国、奥地利同时发生的金融危机，发现匈牙利也经历了银行和货币双重危机，银行脆弱源于农业贷款过度，货币脆弱源于1928/9年的国际收支危机。
Abstract Even though Germany, Austria, and Hungary experienced a major financial crisis simultaneously in 1931, of the three, only Germany's and Austria's episodes have been investigated in depth. This article offers a thorough assessment of the missing piece. It finds that, just like Germany, Hungary also experienced a twin crisis. The primary reason for the weakness of the financial sector was banks’ excessive exposure to agricultural loans. The fragility of the currency was the result of an early balance‐of‐payments crisis in 1928/9. The vulnerability of the banking and monetary systems culminated in a twin crisis in 1931.