... 2008-09, they fell only in the U.K., Russia, Switzerland, Hong Kong and Singapore. The widespread falls in bank deposits in 1931 were only the beginning of the story and they were followed in most ... on one side and Austria and Germany on the other obstructed the functioning of the international monetary system. The data in table 3.2 suggest that the Netherlands and Switzerland, too, did ... clear that the reactions of central banks to the banking crisis were modest, and, in the light of the results, manifestly inadequate. In many cases, the constraints of the gold standard inhibited...