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Title: The Mother of All Sudden Stops: Capital Flows and Reversals in Europe, 1919-1932

Author(s): Olivier Accominotti and Barry Eichengreen

Publication Date: October 2013

Keyword(s): Capital flows, Europe, Great Depression and Sudden Stop

Programme Area(s): Economic History and International Macroeconomics

Abstract: We present new data documenting European capital issues in major financial centers from 1919 to 1932. Push factors (conditions in international capital markets) perform better than pull factors (conditions in the borrowing countries) in explaining the surge and reversal in capital flows. In particular, the sharp increase in stock market volatility in the major financial centers at the end of the 1920s figured importantly in the decline in foreign lending. We draw parallels with Europe today.

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Bibliographic Reference

Accominotti, O and Eichengreen, B. 2013. 'The Mother of All Sudden Stops: Capital Flows and Reversals in Europe, 1919-1932'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=9670