Great Depression spread by Germany, not US
Monetary transmission through the Gold Standard played only a minor role in causing and propagating the 1931 crisis, while financial distress was important, writes Albrecht Ritschl, from the London School of Economics and Samad Sarferaz, from the KOF Swiss Economic Institute.
The analysis shows that US and Germany were heavily exposed to each other both through financial markets and the Gold Standard. The research shows that the conventional wisdom that monetary and banking conditions in the US
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