The current literature on the causes of the Austrian financial crisis in 1931 emphasises both foreign and domestic factors. This article offers new data to analyse this issue. Its findings reinforce the importance of a domestic factor in bringing about the crisis: universal banks’ exposure to industrial enterprises, which were the universal banks’ main borrowers and creditors. During the 1920s, these industrial enterprises failed to perform well, rendering the universal banks insolvent. The Credit-Anstalt, which became an ‘acquirer of last resort’ for three other universal banks during the 1920s, was insolvent as early as 1925. The bank, however, could have avoided bankruptcy had it been spared the burden of Unionbank's non-performing assets.

中文翻译：

---

1931 年奥地利银行业危机：重新评估

当前关于 1931 年奥地利金融危机原因的文献强调了国内外因素。本文提供了新的数据来分析这个问题。其调查结果强调了引发危机的国内因素的重要性：全能银行对工业企业的敞口，工业企业是全能银行的主要借款人和债权人。在 1920 年代，这些工业企业表现不佳，导致全能银行资不抵债。早在 1925 年，Credit-Anstalt 早在 1925 年就破产了，该银行在 1920 年代成为其他三家全能银行的“最后收购方”。然而，如果该银行免于因联合银行的不良贷款而承担责任，它本可以避免破产。资产。