France’s banking crisis in the early 1930s was much more severe than either contemporaries or historians realised, a working paper published by the Banque de France says.
In Flight-to-safety and the Credit Crunch, Patrice Baubeau, Eric Monnet, Angelo Riva and Stefano Ungaro present what they call “a new history of the banking crisis in France during the Great Depression”. The banking crises of 1930 to 1931 were “never assessed quantitatively due to lack of data in the absence of banking
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