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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (82767)3/20/2001 12:13:40 PM
From: Ilaine  Read Replies (1) of 436258
 
I read a book about the crisis at Credit Anstalt last night. The author went into a lot of detail about the bank and to a lesser extent the Austrian economy but did not really put into context as much as I would have liked. The bank never actually shut its doors because the Austrian government decided it was too big to fail, and guaranteed its deposits through the Austrian National Bank. Nevertheless, depositors withdrew their savings for fear of default, and the bank was left with very low reserves. Accordingly, it, and all the other banks in Austria, instituted very strict credit policies, so that even people who were very low risk had a hard time borrowing money. One thing the author did mention, in a footnote, was that global protectionist policies - the US was not the only country with high tariffs, it was a global phenomenon - resulted in Austrian exports declining by 80% in 1930.
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