Interest rates in the Civil War South were quite stable and even declined a bit during the war. In this article we explain the mechanism that produced this puzzling result. The existence of a fixed-rate call certificate redeemable at par anchored interest rates expressed in terms of Confederate dollars. When expressed in terms of gold, they were volatile, high, and reflected war events.
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Volume (Year): 50 (1990) Issue (Month): 01 (March) Pages: 133-148 Download reference. The following formats are available: HTML
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