The Credit-Anstalt Crisis of 1931: A Financial Crisis Revisited

Schubert, Aurel

doi:10.1017/s0022050700048257

Cited by 3 publications

(2 citation statements)

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“…The Austrian National Bank, however, ignored the classical advice during the Credit Anstalt crisis of 193 1 by providing liberal assistance to the Credit Anstalt at low interest rates (Schubert, 1987). Then, a run on the Credit Anstalt and other Viennese banks in May 1931 followed the disclosure of the Credit Anstalt's insolvency and a government financial rescue package.…”

Section: Llr Assistance To Insdvent Banksmentioning

confidence: 99%

The lender of last resort: Alternative views and historical experience

Bordo

2006

The Lender of Last Resort

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Statement by Roberzt P. Black Pmident, Federal Reseme Bank of Richmond EDITOR'S NOTE: Rep. Stephen Neal of North Carviina has intmduced House Joint Resoh&m 409, dim&g the Federa/ Reserve to reduce inflation to zem within jive years and maintain price stabz'@v thereafter. On Febmary 6, Mr. Block and thme o&r Federai Reseme Bank presidents testz>ed in support of the Resolution before the Subcommittee on Domestic Monetary Polity of tire U.S. House of Representatives Committee on Banking, Finance, and Urban Af/'airx Following is Mr. Blacks testimony.

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Section: Llr Assistance To Insdvent Banksmentioning

confidence: 99%

The lender of last resort: Alternative views and historical experience

Bordo

2006

The Lender of Last Resort

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show abstract

“…The Austrian National Bank, however, ignored the classical advice during the Credit Anstalt crisis of 1931. After the Austrian National Bank provided liberal assistance to the Credit Anstalt at low interest rates (Schubert, 1987) a run on the Credit Anstalt and other Viennese banks in May 1931 followed upon disclosure of the Credit Anstalt's insolvency and a government financial cescue package. The run degenerated into a speculative attack on the fixed price of gold of the Austrian Schilling.…”

Section: Llr Assistance and Bailoutsmentioning

confidence: 99%