Made in Germany: The German currency crisis of July 1931

Research in Economic History

ISBN: 978-0-76230-993-1, eISBN: 978-1-84950-194-1

ISSN: 0363-3268

Publication date: 15 January 2003


The Great Depression reached a turning point in the currency crises of 1931, and the German banking and currency crisis was a critical event whose causes are still debated. We demonstrate in this paper that the crisis was primarily domestic in origin; that it was a currency crisis rather than a banking crisis; and that the failure was more political than economic. German banks failed in 1931, but the problem was not primarily with them. Instead, the crisis was a failure of political will in a time of turmoil that induced a currency crisis.


Ferguson, T. and Temin, P. (2003), "Made in Germany: The German currency crisis of July 1931", Research in Economic History (Research in Economic History, Vol. 21), Emerald Group Publishing Limited, Bingley, pp. 1-53.

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