Wars and markets how bond values reflect World War II

Historical events are reflected in asset prices. In this paper, we analyse government bond prices of Germany and Austria traded on the Swiss bourse during WWII. Some war events that are generally considered crucial are clearly reflected in government bond prices. This holds, in particular, for the o...

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Bibliographische Detailangaben
1. Verfasser: Frey, Bruno S. (VerfasserIn)
Weitere Verfasser: Kucher, Marcel (VerfasserIn)
Format: UnknownFormat
Sprache:eng
Veröffentlicht: Munich Univ., Center for Economic Studies 1999
Schriftenreihe:CESifo working paper series 221
Schlagworte:
1933-1948 > Börsenkurs > Öffentliche Anleihe > Krieg > Geschichte > Kliometrie > Schätzung > Deutschland (bis 1945) > Österreich > Schweiz > Arbeitspapier > Graue Literatur
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Zusammenfassung:Historical events are reflected in asset prices. In this paper, we analyse government bond prices of Germany and Austria traded on the Swiss bourse during WWII. Some war events that are generally considered crucial are clearly reflected in government bond prices. This holds, in particular, for the official outbreak of the war and the loss and gain of national sovereignty. Other events to which historians attach great importance are not reflected in bond prices: The most prominent example is Germanys̕ capitulation in 1945. The analysis of financial markets provides a fruitful method to evaluate the importance contemporaries attached to historical events.
Beschreibung:Literaturverz. S. 22 - 23
Auch im Internet unter der Adresse ftp://129.187.96.124/CESifo_WP/221.pdf verfügbar
Beschreibung:23 S
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