Replication files for: Hot Monet Inflows and Bank Risk-Taking: Germany from the 1920s to the Great Depression
Principal Investigator(s): View help for Principal Investigator(s) Stephanie Collet, Deutsche Bundesbank; Natacha Postel-Vinay, London School of Economics
Version: View help for Version V1
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text/plain | 10.8 KB | 06/19/2023 05:41:AM |
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application/x-stata-dta | 6.2 MB | 06/20/2023 07:46:AM |
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Project Citation:
Collet, Stephanie, and Postel-Vinay, Natacha. Replication files for: Hot Monet Inflows and Bank Risk-Taking: Germany from the 1920s to the Great Depression. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2023-07-03. https://doi.org/10.3886/E192483V1
Project Description
Summary:
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This paper explores
the origins of German banks’ risk-taking in the years preceding the 1931
crisis. The 1920s were marked by a large and prolonged increase in capital
flows into Germany, chiefly from the US and the UK. This coincided, at the
individual bank level, with a rise in leverage and a fall in liquidity. We
examine possible connections between the two phenomena. Our analysis is based
on a combination of historiographical work and statistical modelling based on a
newly hand-collected bi-monthly dataset on German reporting banks from 1925 to
1935. Bank by bank we examine the effects of foreign inflows on decisions
related to leverage, lending and liquidity. The Dawes Plan of 1924 and the
relative absence of a Too-Big-to-Fail environment allow us to mitigate
endogeneity concerns. We suggest that while capital inflows did not seem to
impact banks’ liquidity decisions, their impact on leverage was
non-negligeable.
Scope of Project
Subject Terms:
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Capital flows;
money supply;
credit;
financial globalization;
Foreign debt;
International lending;
Financial development;
Financial crisis
Geographic Coverage:
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Germany
Time Period(s):
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1925 – 1935
Data Type(s):
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other
Methodology
Unit(s) of Observation:
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bi-monthly
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