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German Debt Traded in London During World War II: A British Perspective on Hitler

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Author Info
William O. Brown, Jr. (Claremont McKenna College)
Richard C.K. Burdekin (Claremont McKenna College)

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Abstract

Two series of German bonds, issued in 1924 and 1930, traded on the London Stock Exchange throughout Hitler’s 1933-1945 regime in Germany. We isolate both structural breaks and turning points in these bond series. Major turning points follow Hitler’s reintroduction of conscription in 1935, the outbreak of war in 1939 and the D-Day invasion of June 1944. The German bonds’ sustained downtrend after 1935 suggests that bondholders recognized the negative implications of Hitler’s program. Bond prices recover during the war, however, and appear to anticipate the overthrow of Hitler and the postwar settlement of foreign bondholders’ claims.

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Paper provided by Claremont Colleges in its series Claremont Colleges Working Papers with number 1999-19.

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Handle: RePEc:clm:clmeco:1999-19

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Keywords: bonds Germany Hitler

Find related papers by JEL classification:
N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
N40 - Economic History - - Government, War, Law, and Regulation - - - General, International, or Comparative

References listed on IDEAS
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  1. Banerjee, Anindya & Lumsdaine, Robin L & Stock, James H, 1992. "Recursive and Sequential Tests of the Unit-Root and Trend-Break Hypotheses: Theory and International Evidence," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(3), pages 271-87, July.
  2. Willard, Kristen L & Guinnane, Timothy W & Rosen, Harvey S, 1996. "Turning Points in the Civil War: Views from the Greenback Market," American Economic Review, American Economic Association, vol. 86(4), pages 1001-18, September. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Oosterlinck Kim, 2004. "Why Do Investors Still Hope? The Soviet Repudiation Puzzle (1918- 1919)," Economic History 0409002, EconWPA. [Downloadable!]
    Other versions:
  2. John Landon-Lane & Kim Oosterlinck, 2005. "Hope springs eternal… French bondholders and the Soviet Repudiation (1915-1919)," Departmental Working Papers 200513, Rutgers University, Department of Economics. [Downloadable!]
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  3. Kim Oosterlinck, 2004. "Market microstructure and Nazi influence on the Paris stock exchange during WWII," Working Papers CEB 04-026.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
  4. Kim Oosterlinck, 2004. "La bourse de Paris sous l'occupation 1940-1944," Working Papers CEB 04-002.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
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