Great Depression/Addendum
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Germany
- (with supplementary material from Hans-Joachim Braun 1990 [1]).
The German economy was heavily dependent on imported capital in the 1920s, the inflow of which was over 5 percent of German national income over the periodfrom 1919 to 1931. (It is thought to have been concern about dependence on foreign capital that prompted the Reichsbank to reduce the amount of credit that was available on the German market at the end of the 1920s.)
rejoined the gold standard in 1924 and left it again in 1931
On an index of 1928 = 100,consumer prices fell to 77 in 1933; and industrial production rose to 110 in 1929, fell to 59 in 1932. Unemployment rose from about 5% in 1929 to 30% in 1932 and did not return to 1929 levels until 1936,
- ↑ Hans-Joachim Braun: The German Economy in the Twentieth Century,Routledge 1990 (Questia [1]
- ↑ Daniel Costillo: German Economy in the 1920s 2003
- ↑ Mäuge Adalet: Fundamentals, Capital Flows and Capital Flight: The German Banking Crisis of 1931 2005
- ↑ [http://www.fcs.edu.uy/multi/phes/Temin.pdf Peter Temin: "Transmission of the Great Depression", The Journal of Economic Perspectives, Vol. 7, No. 2. Spring, 1993]