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German Debt Traded in London during the Second World War: A British Perspective on Hitler

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  • Brown, William O, Jr
  • Burdekin, Richard C K

Abstract

Two series of German bonds, issued in 1924 and 1930, traded on the London Stock Exchange throughout Hitler's 1933-45 regime in Germany. We isolate both structural breaks and turning points in these bond series. Major turning points follow Hider's reintroduction of conscription in 1935, the outbreak of war in 1939 and the D-Day invasion of June 1944. The German bonds' sustained downward trend after 1935 suggests that bondholders recognized the risks posed by Hitler's programme. Bond prices recovered during the war, however, and appear to have anticipated the overthrow of Hitler and the postwar settlement of foreign bondholders' claims. Copyright 2002 by The London School of Economics and Political Science

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Bibliographic Info

Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 69 (2002)
Issue (Month): 276 (November)
Pages: 655-69

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Handle: RePEc:bla:econom:v:69:y:2002:i:276:p:655-69

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Cited by:
  1. Kim Oosterlinck & Loredana Ureche-Rangau & Jacques-Marie Vaslin, 2013. "Waterloo: a Godsend for French Public Finances?," Working Papers CEB 13-028, ULB -- Universite Libre de Bruxelles.
  2. Flandreau, Marc & Oosterlinck, Kim, 2012. "Was the emergence of the international gold standard expected? Evidence from Indian Government securities," Journal of Monetary Economics, Elsevier, vol. 59(7), pages 649-669.
  3. Daniel Waldenstrom & Bruno S. Frey, 2006. "Using Markets to Measure Pre-War Threat Assessments: The Nordic Countries facing World War II," CREMA Working Paper Series 2006-27, Center for Research in Economics, Management and the Arts (CREMA).
  4. Waldenström, Daniel & Frey, Bruno S., 2008. "Did nordic countries recognize the gathering storm of World War II? Evidence from the bond markets," Explorations in Economic History, Elsevier, vol. 45(2), pages 107-126, April.
  5. Jean-Pascal Bassino & Thomas Lagoarde-Segot, 2013. "Trading patterns at the Tokyo Stock Exchange, 1931-1940," CEH Discussion Papers 012, Centre for Economic History, Research School of Economics, Australian National University.
  6. Bryce Kanago & Ken McCormick, 2013. "The Dollar-Pound Exchange Rate During the First Nine Months of World War II," Atlantic Economic Journal, International Atlantic Economic Society, vol. 41(4), pages 385-404, December.
  7. Olga Christodoulaki & Haeran Cho & Piotr Fryzlewicz, 2011. "A reflection of history: fluctuations in Greek sovereign risk between 1914 and 1929," LSE Research Online Documents on Economics 38378, London School of Economics and Political Science, LSE Library.
  8. Tobias A. Jopp, 2014. "How did the capital market evaluate Germany’s prospects for winning World War I? Evidence from the Amsterdam market for government bonds," Working Papers 0052, European Historical Economics Society (EHES).
  9. Olga Christodoulaki & Haeran Cho & Piotr Fryzlewicz, 2011. "A Reflection of History: Fluctuations in Greek Sovereign Risk between 1914 and 1929," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 50, Hellenic Observatory, LSE.
  10. Burdekin, Richard C.K., 2006. "Bondholder gains from the annexation of Texas and implications of the US bailout," Explorations in Economic History, Elsevier, vol. 43(4), pages 646-666, October.

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