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Turning Points during the U.S. Civil War: Views from the Grayback Market

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  • Marc D. Weidenmier

    (Claremont McKenna College and NBER)

Abstract

This paper introduces a new high frequency time series of Confederate money prices taken from the newspapers of Richmond and leading cities in the Eastern Confederacy. The new Grayback series is tested for “turning points.” The empirical analysis suggests that “turning points” in the Confederate Grayback market were different from those identified in the Union Greenback market by Willard et al. (1996). It appears that war did not always have symmetric effects on Northern and Southern money prices.

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File URL: http://www.claremontmckenna.edu/rdschool/papers/1999-24.pdf
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Bibliographic Info

Paper provided by Claremont Colleges in its series Claremont Colleges Working Papers with number 1999-24.

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Handle: RePEc:clm:clmeco:1999-24

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Keywords: Confederacy; turning points;

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References

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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. Davis, George K. & Pecquet, Gary M., 1990. "Interest Rates in the Civil War South," The Journal of Economic History, Cambridge University Press, vol. 50(01), pages 133-148, March.
  3. Richard C.K. Burdekin & Marc D. Weidenmier, . "Inflation is Always and Everywhere a Monetary Phenomenon: Richmond vs. Houston in 1864," Claremont Colleges Working Papers 1999-31, Claremont Colleges.
  4. Pecquet, Gary M., 1987. "Money in the trans-Mississippi confederacy and the confederate currency reform act of 1864," Explorations in Economic History, Elsevier, vol. 24(2), pages 218-243, April.
  5. Burdekin Richard C. K. & Langdana Farrokh K., 1993. "War Finance in the Southern Confederacy, 1861-1865," Explorations in Economic History, Elsevier, vol. 30(3), pages 352-376, July.
  6. Weidenmier, Marc D., 2000. "The Market for Confederate Cotton Bonds," Explorations in Economic History, Elsevier, vol. 37(1), pages 76-97, January.
  7. Marc D. Weidenmier, . "The Market for Confederate Cotton Bonds," Claremont Colleges Working Papers 1999-12, Claremont Colleges.
  8. McCandless, George T, Jr, 1996. "Money, Expectations, and U.S. Civil War," American Economic Review, American Economic Association, vol. 86(3), pages 661-71, June.
  9. Kristen L. Willard & Timothy W. Guinnane & Harvey S. Rosen, 1995. "Turning Points in the Civil War: Views from the Greenback Market," NBER Working Papers 5381, National Bureau of Economic Research, Inc.
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Citations

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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. Marc Flandreau & Kim Oosterlinck, 2011. "Was the Emergence of the International Gold Standard Expected? Melodramatic Evidence from Indian Government Securities," Working Papers 0005, European Historical Economics Society (EHES).
  3. Richard C.K. Burdekin & Marc D. Weidenmier, . "Inflation is Always and Everywhere a Monetary Phenomenon: Richmond vs. Houston in 1864," Claremont Colleges Working Papers 1999-31, Claremont Colleges.
  4. 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.
  5. Marc D. Weidenmier & Richard C.K. Burdekin, 2002. "Suppressing Asset Price Inflation: The Confederate Experience, 1861-1865," NBER Working Papers 9230, National Bureau of Economic Research, Inc.
  6. Kim Oosterlinck & J.S. Landon-Lane, 2006. "Hope springs eternal - French bondholders and the Soviet repudiation (1915-1919)," ULB Institutional Repository 2013/142696, ULB -- Universite Libre de Bruxelles.
  7. Gary M. Pecquet & Clifford F. Thies, 2006. "Texas Treasury Warrants, 1861-1865: A Test Of The Tax-Backing Of Money," Eastern Economic Journal, Eastern Economic Association, vol. 32(2), pages 191-203, Spring.
  8. Marc D. Weidenmier & Kim Oosterlinck, 2007. "Victory or Repudiation? The Probability of the Southern Confederacy Winning the Civil War," NBER Working Papers 13567, National Bureau of Economic Research, Inc.
  9. Marc Weidenmier, 2004. "Gunboats, Reputation, and Sovereign Repayment: Lessons from the Southern Confederacy," NBER Working Papers 10960, National Bureau of Economic Research, Inc.
  10. 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.
  11. repec:pdn:wpaper:72 is not listed on IDEAS
  12. 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.

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